Since most medicinal mushrooms are rare in nature, artificial cultivation and farming of their fruiting bodies as well as biotechnological cultivation of their fungal biomass in bioreactors on solid substrates and in liquid media has been established. This review compares the benefits and weaknesses of all three capabilities. Cultivation technologies are presented, including traditional cultivation via farming of fruiting bodies on wood logs and on sawdust-based substrates and modern biotechnological cultivation of mycelia in bioreactors by submerged and solid-state cultivation technologies. Our findings indicate that farming is cost-effective but large-scale production is time-consuming. In addition, solid-state cultivation is a comprehensive well-controlled technology that is close to the natural growth process and is suitable for veterinary use and use in food supplements. Finally, submerged liquid-state cultivation of mushroom mycelia is fast and well controlled.