Agaricus bisporus is the most widely cultivated edible mushroom in the world. Strain quality has an important influence on the yield of A. bisporus, with strains that exhibit aging being a common problem during cultivation. However, little is known about the aging mechanisms of A. bisporus strain. In this study, the normal A. bisporus As2796 strain was compared to the aging A. bisporus As2796Y strain (which was previously discovered during cultivation). In the aging As2796Y mycelia, the mycelial growth rate and fruiting body yield were decreased and the chitin level and cell wall thickness were increased. Additionally, intracellular vacuoles increased, there was cytoplasmic shrinkage, and the sterol level which stabilizes the cell membrane decreased, which led to cytoplasmic outflow and the exudation of a large amount of yellow water from the mycelia. Additionally, there was increased electrolyte leakage. Furthermore, gas chromatography-mass spectrometry (GC/MS) was used to profile the metabolic changes in the aging As2796Y mycelia compared to the normal As2796 mycelia. A total of 52 differential metabolites were identified (75% were downregulated and 25% were upregulated in As2796Y). The reduction of many metabolites decreased the mycelial viability and the ability to maintain cell stability. Overall, this study is the first to report on the morphologic and metabolic changes in aged A. bisporus mycelia, which will aid future research on the mechanisms underlying A. bisporus mycelial aging.