Termite mushrooms have been classified to the genus Termitomyces, family Lyophyllaceae, order Agaricales. These mushrooms form a mutualistic association with termites in the subfamily Macrotermitinae. In fact, all Termitomyces species are edible and have unique food value attributed to their texture, flavour, nutrient content, and beneficial mediational properties. Additionally, Termitomyces have been recognized for their ethno-medicinal importance in various indigenous communities throughout Asia and Africa. Recent studies on Termitomyces have indicated that their bioactive compounds have the potential to fight against certain human diseases such as cancer, hyperlipidaemia, gastroduodenal diseases, and Alzheimer’s. Furthermore, they possess various beneficial antioxidant and antimicrobial properties. Moreover, different enzymes produced from Termitomyces have the potential to be used in a range of industrial applications. Herein, we present a brief review of the current findings through an overview of recently published literature involving taxonomic updates, diversity, distribution, ethno-medicinal uses, nutritional value, medicinal importance, and industrial implementations of Termitomyces, as well as its socioeconomic importance.