The nutritional and physical requirements for the efficient mycelial colonization of Volvariella volvacea (Bull. ex. Fr.). Singer were elucidated with the percentage mycelial colonization and density as references. This investigation was limited to the evaluation of two commercial strains (designated Vvc1 and Vvc2) and two wild strains (designated EAAC-0001 and EAAC-0002) of V. volvacea from the Philippines with the aim of providing baseline data on their physiological requirements. The four strains of V. volvacea had varying preferences for carbon. Vve1 preferred polysaccharides (starch and cellulose), whereas Vvc2 grew luxuriantly at a relatively rapid rate in sugar alcohol (sorbitol). The two wild strains preferred starch as a carbon source. In terms of nitrogen utilization, soytone, peptone, and glycine supported efficient mycelial colonization of the four strains. The vitamin utilization test revealed that ascorbic acid, calcium pantothenate, and biotin are good sources. The mycelial growth performances of the strains were also evaluated on six dehydrated mycological media. Efficient colonization of Vvc1, Vvc2, and EAAC-0002 with dense mycelial growth was noted in mycological agar. EAAC-0001, on the other hand, grew more efficiently in malt extract agar. The Philippine strains of V. volvacea grew luxuriantly when incubated at 35°C and pH 8.0 under dark and sealed conditions. Moreover, the relatively higher moisture content (70%) of the oolong tea leaf formulation favorably stimulated efficient mycelial colonization. Under optimum physiological conditions, Vvc1, Vvc2, and EAAC-0002 were fast-growing strains, whereas EAAC-0001 was a moderately growing type.