Healthy material alternatives based on renewable resources and sustainable technologies have the potential to disrupt the environmentally damaging production and consumption practices established throughout the modern industrial era. In this study, a mycelium–nanocellulose biocomposite with hybrid properties is produced by the agitated liquid culture of a white-rot fungus (Trametes ochracea) with nanocellulose (NC) comprised as part of the culture media. Mycelial development proceeds via the formation of pellets, where NC is enriched in the pellets and depleted from the surrounding liquid media. Micrometer-scale NC elements become engulfed in mycelium, whereas it is hypothesized that the nanometer-scale fraction becomes integrated within the hyphal cell wall, such that all NC in the system is essentially surface-modified by mycelium. The NC confers mechanical strength to films processed from the biocomposite, whereas the mycelium screens typical cellulose–water interactions, giving fibrous slurries that dewater faster and films that exhibit significantly improved wet resistance in comparison to pure NC films. The mycelium–nanocellulose biocomposites are processable in the ways familiar to papermaking and are suggested for diverse applications, including packaging, filtration, and hygiene products.