In recent years, various research studies have reported on the diversity of macrofungi and endangered species conservation for fungi for various regions of China. Shandong Province is a leading province for economically valuable fungal resources, but little published research is available related to the evaluation and conservation to endangered species and other rare species of macrofungi. Field surveys, commercial field surveys, government investigations and a thorough review of the literature revealed a total of 182 taxa of wild edible and medicinal fungi are known to occur or have historically occurred in Shandong Province belonging to 39 families and 80 genera. Among these, 123 species are edible fungi and 90 species can be used medicinally, including 28.28% and 20.69% of the total number of species, respectively; only 60 species, or 13.79%, have been documented to have been used commercially. The edible fungi include species such as Agaricus silvaticus, Agaricus silvicola, Ganoderma lingzhi, Grifola frondosa, Lactarius deliciosus, Lactarius subvellereus, Perenniporia fraxinea, Pholiota adiposa, Schizophyllum commune, Suillus bovinus, Suillus granulatus, Xerocomellus chrysenteron and Xerula radicata. An evaluation system for endangered species status and conservation priority of the 182 macrofungi taxa was established based on their biological and ecological characteristics and by consulting related literature. The goal weights of each layer were determined through the Analytic Hierarchy Process (AHP) and expert consultation. Using this system, the status and the conservation priority of 175 species was evaluated; then the endangered species status and conservation priority standards were determined based on the following system: V₁≥0.650, endangered species; 0.650≥V₁≥0.550, vulnerable species; 0.550≥V₁≥0.440, lower risk species; 0.440≥V₁, safety species; V₁≥1.900, the first class conservation species; 1.900≥V₁≥1.700, the second class conservation species; 1.700≥V₁≥1.600, the third class conservation species; and, last, 1.600≥V₁, the delayed class conservation species. Four (0.92% of all species) of the analyzed species were classified as endangered species, Ganoderma lingzhi, Lactarius deliciosus, Morchella esculenta and Russula aurea; 34, (7.82%), 74 (17.01%), 63 (14.48%), and seven (1.61%) species were vulnerable, lower risk, secure, and first class conservation species, respectively. Four of the 175 species, Ganoderma lingzhi, Lactarius deliciosus, Morchella esculenta and Russula aurea, are the favorite edible-medicinal fungi of local people and can frequently be seen in the marketplace. Lactarius deliciosus and Russula aurea are ectotrophic mycorrhiza and researchers have not yet been able to bring them into cultivation. Amanita pallidorosea, Cantharellus amethysteus, Crucispora sinensis and Entoloma shandongense are endemic to China and also to this region. In addition, 25 (5.75%), 33 (7.59%), and 110 (25.29%) of the 175 species were second class conservation, third class conservation, and delayed conservation, respectively. This study provides a scientific basis for efficient conservation of macrofungi in Shandong Province.