To replace the sawdust in the growth medium of oyster mushroom to utilize its by-product spent mushroom substrates (SMS) as feed for ruminant, we performed cultivation test using cotton seed hull pellet (CSHP), corn stalk pellet (CSP), corncob (CC), and analyzed the feed chemical properties of those SMS. As a result of cultivation test, CC and CSHP treatment took 27 days for spawn run, 4 days for primordium formation, and 3 days for development fruiting bodies, resulting in a total cultivation period of 34 days. The yield per bottle was 134 g for CC treatment, similar to 130 g for control, while CSHP treatment (112 g) and CSP treatment (68 g) were lower than that of control. The highest biological efficiency (BE) was shown in CC treatment as 80.1%, which was 11.4% higher than 68.7% of control. The SMS of CC treatment had a relatively low content of neutral detergent fiber and acid detergent fiber, and in particular, lignin content was the lowest and crude protein content was the highest among other treatments. Therefore, CC as a substitute material for sawdust was capable of stable mushroom production and excellent nutritional value as a feed for its by-products.