The effect of three novel dietary fibers (DFs) prepared from mushroom sclerotia, namely, Pleurotus tuber-regium, Polyporus rhinocerus, and Wolfiporia cocos, on calcium and magnesium absorption was evaluated in ovariectomized (OVX) rats fed with sclerotial DF based and low Ca (0.3%) diets for 14 days. The animals in the W. cocos DF diet group possessed significantly (p < 0.05) higher levels of cecal total short-chain fatty acids (204 mumol/g of cecal content) and had an acidic pH (5.88) in their cecum when compared with those of the cellulose control group. Such an acidic environment was found to promote the ionization of the unabsorbed Ca and Mg in their cecum, which in turn significantly (p < 0.05) increased the concentrations of cecal soluble Ca (2.56-fold) and Mg (1.22-fold). Besides, the apparent Ca and Mg absorptions of the W. cocos DF group were also significantly (p < 0.05) enhanced (Ca, 16.5%; Mg, 15.3%) together with significantly (p < 0.05) higher serum Ca (3.61 mmol/L) and Mg (1.07 mmol/L) levels when compared with those of the cellulose control group. These data suggest that ingestion of W. cocos DF could improve the overall Ca and Mg absorptions of the OVX rats fed a low Ca diet. The potential use of sclerotial DFs as a functional food ingredient for enhancing mineral absorption is also discussed.