A method was examined for effectively using excess white-rot fungi discharged from an advanced wastewater treatment process. In the dewatering of excess fungi by mechanical expression, the moisture content of the compressed cake was significantly decreased by applying pressure over 5 MPa. The moisture content was finally reduced to approximately 20 wt% under a pressure of 7 MPa. The consolidation of white-rot fungi was accurately described by combining the multi-stage creep model with the modified Terzaghi model. The complicated consolidation behavior was attributed to the deformation of fungi and the change of the cake structure under high pressure. In addition, the physiological activity of the liquid squeezed from the fungal body and compressed cake was tested. The squeezed liquid contained substances with hypotensive and antioxidant effects, while beta-glucan, which has antitumor activity, remained in the compressed cake. The cake had very low moisture content, suggesting the possibility of its conversion to solid fuel.