Waste generated in mushroom cultivation represents a valuable raw material with health benefits, the use of which contributes to a reduction in food waste and to the circular economy. Hydroethanolic extracts obtained by ultrasound-assisted extraction of four edible mushroom species (Agaricus bisporus var. Portobello, Boletus edulis, Lentinula edodes, and Pleurotus ostreatus) were characterized according to their antioxidant, antibacterial, and cosmeceutical potential. The extract with the best properties was incorporated into a cosmetic cream. Concerning the phenolic contents and antioxidant capacity, the extracts of A. bisporus and B. edulis stood out from the other two due to their higher levels. The compounds p-hydroxybenzoic and gallic acids were present in all mushrooms in the ranges of 0.010 to 2.554 µg/g DW and 0.032 to 0.112 µg/g DW, respectively. The extract of B. edulis inhibited all the bacterial isolates, with minimum inhibitory concentration values ranging from 5 to 20 mg/mL for Gram-positive and 10–20 mg/mL for Gram-negative strains. In the anti-hyaluronidase assay, A. bisporus extract (10 mg/mL) was the most effective, with 74.4 ± 7.5% enzyme inhibition, and was selected for incorporation into the cosmetic cream. The cream with A. bisporus extract showed significantly higher phenolic contents and antioxidant capacity than the cream without the extract. Overall, our results support the high value of mushroom reuse as a source of natural antioxidants in the cosmetic industry.