Novel mycelium-based biocomposites (MBB) were obtained from local agricultural (hemp shives) and forestry (wood chips) by-products which were bounded together with natural growth of fungal mycelium. As a result, hemp mycocomposites (HMC) and wood mycocomposites (WMC) were manufactured. Mechanical, water absorption and biodegradation properties of MBB were inves-tigated. MBB were characterized also by ash content and elemental composition. The results of MBB were compared with the reference materials such as the com-mercial MBB material manufactured by Ecovative® Design (EV), hemp magne-sium oxychloride concrete (HC) and cemented wood wool panel (CW), manufactured by CEWOOD®. The mechanical properties of HMC and WMC showed that the bending strength difference was about 30%, with a better result for HMC. Compression strength was better for WMC by about 60% compared to that of HMC. The mechanical strength of HMC and HC materials was equal; both materials contained hemp shives but differed by the binding material. Water absorption and volumetric swelling tests showed that HMC and WMC could be considered as potential biosorbents. Ash content and elemental analysis showed that reference materials (CW, HC) contained significant amounts of inor-ganic compounds that decreased the biodegradation rate, compared to the case of HMC and WMC materials. The biodegradation results of HMC and WMC, after 12 weeks, revealed a mass loss (ML) above 70%, while in the case of EV, HC and CW, it was about 60%, 17% and only 6%, respectively. MBB were completely biodegradable.