The credo of every scientist working in the field of applied science is to transfer knowledge "from science to market," a process that combines (1) science (fundamental discoveries and basic research) with (2) technology development (performance assessment and optimization) and (3) technology transfer (industrial application). Over the past 7 years, we have intensively investigated the potential of the white rot fungus, Physisporinus vitreus, for engineering value-added wood products. Because of its exceptional wood degradation pattern, i.e., selective lignification without significant wood strength losses and a preferential degradation of bordered pit membranes, it is possible to use this fungus under controlled conditions to improve the acoustic properties of tonewood (i.e., "mycowood") as well as to enhance the uptake of preservatives and wood modification substances in refractory wood species (e.g., Norway spruce), a process known as "bioincising." This minireview summarizes the research that we have performed with P. vitreus and critically discusses the challenges encountered during the development of two distinct processes for engineering value-added wood products. Finally, we peep into the future potential of the bioincising and mycowood processes for additional applications in the forest and wood industry.