Stamets is on the editorial board of The International Journal of Medicinal Mushrooms, and is an advisor to the Program for Integrative Medicine at the University of Arizona Medical School, Tucson, Arizona. He is active in researching the medicinal properties of mushrooms, and is involved in two NIH-funded clinical studies on cancer and HIV treatments using mushrooms as adjunct therapies. Having filed numerous patents on the antiviral, pesticidal, and remediative properties of mushroom mycelia, his work has been called pioneering and visionary. A strong advocate of preserving biodiversity, Stamets supports research into the role of mushrooms for ecological restoration.

The author of numerous books and papers on the subject of mushroom identification and cultivation, Stamets has discovered four new species of mushrooms. He is an advocate of the permaculture system of growing, and considers fungiculture a valuable but underutilized aspect of permaculture. He is also a leading researcher into the use of mushrooms in bioremediation, processes he terms mycoremediation and mycofiltration.

Stamets was the recipient of the "Bioneers Award" from The Collective Heritage Institute in 1998, as well as the "Founder of a New Northwest Award" from the Pacific Rim Association of Resource Conservation and Development Councils in 1999. He was also named one of Utne Reader's "50 Visionaries Who Are Changing Your World" in their November—December 2008 issue. In February 2010, Paul received the President's Award from the Society for Ecological Restoration: Northwest Chapter, in recognition of his contributions to Ecological Restoration. His work was featured in the documentary film The 11th Hour.

In 2008, he delivered a Ted Talk: "Paul Stamets on 6 Ways Mushrooms Can Save the World". [[1]

His business is family owned. Stamets has two children, Azureus and LaDena Stamets, and is married to C. "Dusty" Wu Yao. Paul Stamets is an accomplished martial arts athlete, holding a black belt in Taekwondo (1979), and also in Hwa Rang Do (1994).