A diverse spectrum of organisms, such as fungi, bacteria, and actinomycetes, can degrade and transform organic matter, including wood, into valuable nutrients. A sustainable economy has the goal of efficiently using waste as raw materials, and in this optic, it uses biological preparations more and more often, supporting the decomposition of lignocellulosic waste. With reference to wood wastes, which are produced in a substantial amount by the forest and wood industry, one of the possibilities to biodegrade such lignocellulosic material is the composting process. In particular, microbiological inoculum containing dedicated fungi can contribute to the biodegradation of wood waste, as well as the biotransformation of substances from the protection of wood, such as pentachlorophenol (PCP), lindane (hexachlorobenzene) and polycyclic aromatic hydrocarbons (PAHs). The purpose of this research was to produce a literature review in terms of the selection of decay fungi that could potentially be used in toxic biotransformation unions. The findings of the literature review highlighted how fungi such asBjerkandera adusta,Phanerochaete chrysosporium, andTrametes versicolormight be ingredients of biological consortia that can be effectively applied in composting wood waste containing substances such as pentachlorophenol, lindane, and polycyclic aromatic hydrocarbons (PAHs).