This study examined the ecology, diversity and seasonal dynamics of truffle- and mushroom-like fungi in eucalypt woodlands at Mulligans Flat and Goorooyarroo. Surveys conducted in 2008–2009 yielded 486 truffle collections, representing an estimated 85 species – many likely new to science and endemic to Australia. Most were associated with Eucalyptus spp. as mycorrhizal hosts. Fruiting body production varied with soil moisture, influenced by rainfall patterns and infiltration capacity. Mulligans Flat Nature Reserve had higher rainfall and fungal productivity than Goorooyarroo Nature Reserve, with truffles more abundant than mushrooms. Even in dry years, diverse ectomycorrhizal truffles were produced, especially in moister sites. These fungi play a key role in ecosystem functioning, supporting mycophagous fauna such as the eastern bettong and contributing to soil health through excavation, nutrient cycling and water infiltration. The findings underscore the importance of long-term monitoring and interdisciplinary research to understand fungal dynamics, climate resilience and the ecological value of truffles in grassy woodland restoration.