The invention discloses a mycelium pellet biosorption and regeneration method. The method includes the steps of preparation of mycelium pellets, specifically, spores are cultured into the mycelium pellets; biosorption, specifically, the mycelium pellets are used for conducting biosorption on anion azo dye waste water; and regeneration of the mycelium pellets, specifically, the mycelium pellets with dye adsorbed is desorbed in alkaline desorption liquid, the alkaline desorption liquid with the dye dissolved is recovered, and the desorbed regenerated mycelium pellets continue to be used for the step of biosorption. According to the mycelium pellet biosorption and regeneration method, biosorption and regeneration are conducted under the open non-sterilized condition by taking the advantages of extreme environment (such as high salinity and low pH) resistance, high adsorptive property, easy settlement and certain mechanical strength of the mycelium pellets, and a reactor is operated continuously with the biosorption technology as the core.