Because agricultural wastes are abundant in biologically active substances, they can be used as a substitute source to produce highly valuable products while lowering pollution levels in the environment. Therefore, we aimed at determining the best agricultural wastes to increase the biomass production rate and the effectiveness of the biocontrol strain Trichoderma lixii SARS 111 in a solid-state fermentation system. The potential for its use in enhancing growth dynamics and controlling the Fusarium oxysporum NCAIM-F-00779-caused damping-off disease of cowpea plants grown in greenhouse conditions was also studied. Using a one-factor-at-a-time experiment, five cheap agricultural waste substrates (faba bean, cowpea, sweet potato, pumpkin, and cassava) were studied using the Plackett–Burman design (PBD) and the central composite design (CCD) to optimize the nutritional and growth conditions to maximize the production of Trichoderma conidia. The findings demonstrated that increasing Candida production quantitatively required the use of 3 g of sweet potato, 3 g of cassava, pH 6, 25 °C, and pre-treatment with dH2O. The shelf life and viability of T. lixii strain were measured as log10 CFU g−1 per substrate at room temperature (RT, 25 °C) at the beginning of month 0 and subsequently at 2-month intervals for 12 months. Data showed that the fungal counts increased with the use of 4 g of sweet potato + 2 g of cassava up to 7 months and then sharply decreased, lasting up to 12 months. Additionally, this bioformulation was applied to cowpea plants in a greenhouse experiment, where a significantly higher level of plant growth traits, photosynthetic pigments, antioxidant enzymes, and chemical content in the leaves, as well as lower incidence of the damping-off disease, were noted. Accordingly, it is possible to suggest 4 g of sweet potato and 2 g of cassava as a suitable bioformulation for the industrial-scale production of the T. lixii strain, which may be a potential biocontrol agent for preventing the cowpea damping-off disease caused by F. oxysporum and improving the growth dynamics.