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Mushrooms could help tackle some of the world's biggest challenges, such as finding clean fuels and fighting plastic waste, experts said.
A report from the Royal Botanic Gardens in Kew estimates the number of mushroom species at about three million, but the experts behind the study said little is known about this kingdom of nature "Jekyll and Hyde ".
Many species could be threatened by habitat loss, nitrogen pollution and climate change, with wider impacts on wildlife and the natural systems that depend on them, warned the first study on the state of mushrooms in the world.
However, only 56 species were assessed for the International Union for the Conservation of Nature (IUCN) Red List of Threatened Species, compared to 25,452 plants and 68,054 animals.
More than 2,000 new species of mushrooms were discovered last year in soil, forests and caves, but new micro-species were also found in various places, including under the fingernails, on a baby carrier and on oil paintings.
The analysis of a bunch of ceps from the supermarket even revealed three new species, Kew experts said.
They are extremely important for life, with fungi that grow around the roots and help the plants absorb more water and nutrients, helping around 90% of the world's plants to thrive.
A new species identified in the desert soils of the United Arab Emirates (UAE) could help lime, pomegranate and grape plants survive difficult conditions.
But they can also be among the most dangerous organisms, responsible for problems such as ash dieback and honey fungi.
Humans eat about 350 species, mushroom truffles, meat substitutes and blue cheese, as well as products like beer and bread that need yeast, in a 32 billion pound a year market.
They also provide drugs, such as penicillin, statins and immunosuppressive drugs needed for transplants, and speed up chemical processes in the industry.
And mushrooms could help address environmental challenges, according to the report.
A fungus has been found in a landfill in Pakistan, capable of degrading plastics such as polyester-polyurethane over weeks rather than hundreds of years, which gives hope for new ways to combat global plastic pollution.
Fungi that live in plants and can break down molecules in plant cell walls directly into chemicals with similar properties to diesel could help make biofuels more economically and sustainably sustainable.
A report that fungi can grow under extremely acidic conditions and tolerate high levels of gamma radiation could help clean up sites contaminated by radioactive waste.
Kew's director of science, Professor Kathy Willis, said, "The potential of fungi to solve clearly critical problems is very strong."
And she said, "This report is the first time that the understanding of mushrooms is brought together in one document.
"It's an incredibly diverse, yet hidden kingdom. Our knowledge of mushrooms is so low compared to plants and animals.
"And yet, with regard to future global challenges, mushrooms may well contain most of the answers."
She added, "These are the Jekyll and the Hyde because they are important to all aspects of life on Earth, but they are also among the most devastating organisms in life on Earth."
She warned that, as many mushrooms were not easily visible, they were not valued, and therefore not conserved, while habitats such as wood edges and wetlands where they are found are disappearing.
"We have to change that because with climate change, many mushrooms become very stressed, they like the rain, they like damp, humid environments, because things get drier and hot, things get lost."
Climate change could harm beneficial species, affecting plant survival and reducing carbon storage, while rising temperatures could also mean the spread of fungal pathogens.
But they could also help factories mitigate some of the effects of climate change, such as increased drought and flooding, according to the report.
Professor Willis added that there was a significant lack of knowledge about the threats to fungi or how they were changing due to climate change, and that further research was needed.
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