In this review, we provide an exhaustive economic and environmental analysis of hydroponic and arenumponic systems within the domain of mushroom cultivation, contrasting these modern methodologies with the traditional substrate-based approaches. Our focus is centered on widely cultivated mushrooms such as Oyster, Button, Shiitake, and Morels. We delve into the inherent challenges posed by conventional cultivation methods, such as variable substrate quality, heightened risks of contamination, and the complexities of environmental control. The study presents hydroponics and arenumponics as innovative, substrate-less cultivation strategies that resolve these issues by employing controlled water solutions and sand as a growth medium, respectively. This review examines a spectrum of hydroponic configurations, including deep flow, nutrient film, and aeroponic systems, demonstrating their effectiveness and potential in mushroom farming. We emphasize the economic feasibility and environmental sustainability of these techniques, considering their cost-effectiveness, resource utilization efficiency, and market prospects. Key objectives encompass a thorough review of hydroponic technologies, an evaluation of growth performance vis-à-vis traditional methods, and an assessment of their economic impact. Our research bridges current knowledge gaps by suggesting the integration of recommended economic models, such as Stochastic Frontier Analysis for measuring efficiency, and Cost-Benefit Analysis for assessing financial viability. The inclusion of case studies enriches our insights into the economic and environmental facets of hydroponic/arenumponic mushroom cultivation. We conclude with policy recommendations and directions for future research, advocating for the adoption of hydroponics/arenumponics as sustainable, efficient, and commercially viable alternatives to conventional practices in mushroom agriculture, thereby aligning with the objectives of modern agricultural sustainability.