The global interest in production of the winter mushroom or Enokitake (Flammulina filiformis previously known as Flammulina velutipes) is increasing owing to its nutritional and medicinally important bioactive compounds along with a marketable texture and flavor. This review presents the state of knowledge on achievements in solid-state cultivation and submerged cultures of Enokitake and how they are influenced by environmental factors and agronomic characteristics. A wide range of basic lignocellulosic substrates and supplementations have been reviewed in order to formulate an efficient and locally available substrate. Domestication of wild types of Enokitake and its economic and research implications are also discussed. Besides, the influence of environmental and agronomic factors on production and efficacy of the most important biologically active metabolites of Enokitake in both solid-state cultivation and submerged cultures has been discussed. Some of shortcomings of studies reporting cultivation of Enokitake are described and their contribution to future prospects is also discussed in this review.