The bio-fabrication of sustainable mycelium-based composites (MBCs) from renewable plant by-products offers a promising approach to reducing resource depletion and supporting the transition to a circular economy. In this research, MBCs were obtained by cultivating Ganoderma resinaceum GA1M on essential oils and agricultural by-products: hexane-extracted rose flowers (HERF), steam-distilled lavender straw (SDLS), wheat straw (WS), and pine sawdust (PS), used as single or mixed substrates. The basic physical and mechanical properties revealed that MBCs perform comparably to high-efficiency thermal insulating and conventional construction materials. The relatively low apparent density, ranging from 110 kg/m³ for WS-based to 250 kg/m³ for HERF-based composites, results in thermal conductivity values between 0.043 W/mK and 0.054 W/mK. Compression stress (40–180 kPa at 10% deformation) also revealed the good performance of the composites. The MBCs had high water absorption due to open porosity, necessitating further optimization to reduce hydrophilicity and meet intended use requirements. An aerobic biodegradation test using respirometry indicated ongoing microbial decomposition for all tested bio-composites. Notably, composites from mixed HERF and WS (50:50) showed the most rapid degradation, achieving over 46% of theoretical oxygen consumption for complete mineralization. The practical applications of MBCs depend on achieving a balance between biodegradability and stability.