This study aimed to assess the feasibility of composting spent mushroom substrate (SMS) materials of Lentinula edodes (Le), Hericium erinaceus (He), and Pleurotus ostreatus (Po). The different SMSs were composted for 7 to 10 days at high temperatures over 50oC; the composting procedure was completed in 30 days. A maturity test was conducted using the radish seed germination index and CoMMe-100. The composted SMS (CSMS) from Le and He showed gemination indices of 130% and 81%, respectively, that satisfied the criteria of maturity standard (gemination index over 70%) and the CoMMe-100 analysis. The physicochemical changes of CSMSs included an increase in the pH range from 4–5 to 6–7, slight reduction in the EC to 1–1.4 dS/m, and an organic content of 36.9% in LeCSMS. In LeCSMS, the contents of N, P, and K were 1.2%, 2.3%, and 0.77%, respectively, and heavy metals were detected below the standard value in all CSMSs; the Ca and Mg contents in the CSMSs were increased from 30% to 60% when compared to those in the SMSs. The C/N ratio (from 26–33) in LeSMS and HeSMS decreased to 15.3–15.9 in CSMSs. The growth effect of LeCSMS treatment on pepper seedlings was 60% higher than that in the control groups , one of which was treated with commercial organic compost; the former showed a superior growth effect on the leaf width, leaf length, and leaf number compared to other control groups. In conclusion, LeCSMS and HeCSMS could be utilized as compost resources capable of efficient soil amendment and plant growth promotion.