Rosa roxburghii Tratt, a Rosaceae plant endemic to China, produces fruit with high nutritional and medicinal value. The effects of R. roxburghii must on the growth, nutrient composition, and antioxidant activity of Pleurotus ostreatus mycelia was investigated. We measured the mycelial growth rate, proximate composition, amino acid and crude polysaccharide content, and the antioxidant activity of the crude polysaccharides of P. ostreatus mycelia cultivated under different concentrations of R. roxburghii must (2%, 4%, and 8%, v/v). Low concentrations of R. roxburghii must (2% and 4%) promoted mycelial growth, while a high concentration (8%) inhibited mycelial growth. Low concentrations of R. roxburghii must had no significant effects on the soluble substances, fat, ash, and crude fiber in P. ostreatus mycelia, but significantly increased the crude protein and total amino acid contents (p < 0.05). The addition of R. roxburghii must at low concentrations significantly increased the crude polysaccharide content in mycelia (p < 0.05) but had no impact on the scavenging of hydroxyl radicals and 2,2-diphenyl-1-picrylhydrazyl (DPPH). Therefore, R. roxburghii must at low concentration can be used as a substrate for P. ostreatus cultivation to increase the protein and polysaccharide contents in mycelia.