Calocybe indica, known as milky white mushroom, grows and cultivated in the sub-tropical and temperate zones of South Asia. We investigated the most suitable supplements and their levels for the commercial cultivation of milky white mushroom. Rice bran, maize powder, and wheat bran with their different levels (10, 20, 30, 40, and 50%) were used as supplements to evaluate the yield and yield contributing characteristics of C. indica. Primordia initiation was observed between 13.5 and 19.3 days. The results indicated that the 30% maize powder supplement was effective for producing viable fruiting bodies. The maximum diameters of the pileus and stalk were observed with 30% maize powder. The highest biological and economic yield and biological efficiency were also obtained with 30% maize powder as a supplement. The results indicate that increasing the supplement level resulted in less biological efficiency, and that 30% maize powder was the best supplement level for rice straw substrate to cultivate milky white mushrooms.