The present investigation was carried out to identify morphology and yield performance of milky mushroom isolates for both the wild and cultivars. In this study, 17 wild isolates (CBE-TNAU-1513 to 1526, CBE- TNAU-1603, 1604 and CBE-TNAU-1701), seven cultivated strains (CI-13-02, 04, 06 and CI-14-02, 03, 04 and CI-14-06) and Tamil Nadu Agricultural University APK2 (C. indica) variety were compared. Colony characters of all the 25 isolates of milky mushroom grown on PDA medium were recorded. Among the isolates, CBE- TNAU-1523, CBE-TNAU-1603 and APK2 were found to be fast growing covering the maximum radial growth of 90 mm in Petri dish within 7 days. In order to find out the best performing wild isolate, the observations have been recorded with morphometric characters viz., days for spawn run (DFSR), days for pin head formation (DFPF), pileus and stipe measurements including the pileus: stipe ratio for all the strains were recorded. The complete spawn run was faster in APK2 (10.3 d). However, the mycelial impregnation in the casing soil was comparatively quick with the isolate CBE-TNAU-1515, which also reflected in early pinning with this isolate (8.4d). The strains viz., CBE-TNAU-1517, 1521, 1522, 1523 and APK2 possessed milky white, robust and companulate sporodomes having thick cylindrical stipe, which was found to be moderately bulged at the base. When selected based on yield attributes, significantly increased yield was obtained with the strain CBE-TNAU-1523 (972 g per bed with 194.5 per cent bio-efficiency). © The Author(s) 2019.