A process for cultivating mushroom in the novel culture medium comprises: (a) mixing 20-25 wt.% ricebran with 0-80 wt.% coffee waste, 0-80 wt.% beer waste and 0-80 % coconuts hulls; (b) adding water into the obtd. mixt. to obtain 65 wt.% water-contg. medium; (c) sterilizing the obtd. medium at 121 deg.C for 1 hr. and cooling; (d) innoculating the sterilized medium with the spores of mushroom and cultivating it.