The present study aimed at selecting a cost-effective substrate for king oyster mushroom based on the growth characteristics of fruiting body for use as a basic resource to ensure stable production on farms. Compositional analysis of substrates manufactured with different materials in each process revealed that the total carbon content was 42.24–48.22% higher and the total nitrogen content was 1.7–2.29% higher in the processed lot than in the control (i.e., substrate used by the farmhouse; 40.86% and 1.39%, respectively). Meanwhile, the carbon-to-nitrogen ratio was the highest in the control (27.9% vs. 19.12–27.88% in the processed lot). When cultured for 28 days, the mycelium growth was 11.5 and 11.3 mm in substrates 1 and 6, respectively, indicating the fastest growth; meanwhile, the values were 10.1–10.3 mm in the control and substrate 11, showing a similar tendency. Mycelial density did not differ significantly among the processed lots. Yield per bottle was higher in substrates 8 (205.95 g/bottle), 7 (178.51 g/bottle), and 11 (170.63 g/bottle) than in the control (152.2 g/bottle). Fruiting body quality was comparable to controls in all processed lots. Overall, economic effects, such as substrate material prices, should be analyzed, and stability evaluations, such as residual pesticide and harmful microorganisms, should be undertaken along with further detailed examination to ensure safe and stable production on farms.