Fungi-based meat is emerging as a promising class of nutritious, sustainable, and minimally processed biomaterials with the potential to complement or replace traditional animal and plant-based meats. However, its mechanical and sensory properties remain largely unknown. Here we characterize the quasi-static and dynamic mechanical behavior of fungi-based steak using multi-axial mechanical testing, rheology, and texture profile analysis. We find that the rate-independent response under quasi-static compression and shear is isotropic, while the rate-dependent response under dynamic compression is markedly anisotropic with stiffnesses and peak forces four times larger cross-plane than in-plane. Automated model discovery reveals that the exponential Demiray model best explains the rate-independent elastic response upon chewing in both directions. The rate-dependent directional stiffening can be linked, at least in part, to the high water content of mushroom root mycelium and to the restricted fluid flow at higher loading rates. Complementary sensory surveys reveal a strong correlation with mechanical metrics and suggest that we perceive the fungi-based steak as more moist, more viscous, and more fibrous than traditional animal- and plant-based meats. Taken together, our findings position fungi-based steak as an attractive, structurally equivalent, and sensorially compelling alternative protein source that is healthy for people and for the planet.