The present study was conducted to evaluate the effect of different substrates, their pasteurization and cultivation methods on number of days required from spawning to final harvesting, pileus diameter (cm), yield (g/kg dry substrate) and their overall impact on economics of P.florida and P. sajor-caju mushroom cultivation in a mushroom house of 30’ × 60’. P. florida was cultivated in October, 2020 and P. sajor-caju in February, 2021. Amidst different substrate pasteurization treatments used for P. florida cultivation, wheat straw hot water treatment at 70ºC for 20 min was found superior over all the other treatments as the crop duration from spawning to final harvesting was earlier (47.7 days) as compared to paddy straw solarized (57.5 days). Paddy straw hot water treatment was however found more superior in terms of pileus diameter (9.9 cm) and yield (938 g/kg dry paddy substrate. The effect of hanging method of cultivation was found better over rack method in terms of crop duration, pileus size, yield and economics of P. florida. Among different substrate pasteurization and cultivation methods, a significant higher yield of P. florida (1083.7 g/kg dry substrate) was obtained in paddy straw hot water treated and hanging method of cultivation. This substrate treatment and cultivation method was highly remunerative. It gave a maximum net return of Rs. 241394, benefit cost ratio of 3.03: 1 and minimum cost of production (Rs. 24.7 per kg fresh mushroom). Similarly in P. sajor-caju, wheat straw hot water treatment was superior because the crop duration was short (50.0 days) as compared to paddy straw solarized (56.3 days). The paddy straw hot water treatment was found more superior in pileus diameter (11.3 cm) and yield (780.5 g/kg dry substrate). The hanging method was found better over rack method in terms of less crop duration, more pileus size, high yield. A significant higher yield of P. sajor-caju (866.7 g/kg dry substrate) was obtained in paddy straw hot water treated and hanging method of cultivation. This combination gave a maximum net returns of Rs. 113462, benefit cost ratio of 2.43:1, minimum cost of production (Rs. 30.9 per kg fresh mushroom).