This study was conducted to evaluate the yield, nutrient characteristics, ruminal solubility, degradability and disappearance of spent mushroom (Agaricus bisporus) substrates for ruminants. The annual yield of spent Agaricus bisporus substrates was measured to be about 210,000 tons (M/T) in South Korea. The surface soil-removed spent substrates had nutritional characteristics of high crude ash (375 g/kg) and Ca (32 g/kg), medium protein (134 g/kg CP), and high fiber (384 g/kg NDF on a DM basis). Compared with initial mushroom substrates, spent mushroom substrates had twice higher (p<0.0001) CP content and 22.0% lower (p<0.0001) NDF content on an organic matter basis. Compared with raw rice straw, spent rice straw had much higher (p<0.05) predicted ruminal degradabilities and disappearances of DM and CP and a little lower (p<0.05) predicted degradability and disappearance of NDF. In conclusion, the general feed-nutritional value of spent mushroom (Agaricus bisporus) substrates appeared to improve after cultivation of mushrooms.