In recent years, the scientific names of many cultivated and well-known medicinal fungal species have been changed. However, the results of taxonomic and nomenclature works on these economically important fungi are often overlooked or ignored in applied researches. The incorrect use of scientific names may cause uncertainty in research and in the global medicinal mushroom market. In this paper, we briefly review the current taxonomy and nomenclature of “Fuling” medicinal mushroom and make a proposal for biochemists, pharmacists and businessmen on the correct use of scientific names related to this species. Based on the recent taxonomic results and nomenclatural proposals, the use of the names Wolfiporia extensa, W. cocos and especially Poria cocos for the “Fuling” mushroom are incorrect and misleading; therefore, the acceptance of the names Pachyma hoelen or Wolfiporia hoelen is recommended.