Spent mushroom compost (SMC) has highly rich lignocellulosic contents like paddy straw, bagasse, chicken manure, etc.; hence, it is a natural source of lignocellulolytic enzymes (LCE) secreted by its microflora and microbiota. An effective procedure was optimised in the present investigation to recover LCE from SMC. Maximum yield of the recovered enzymes was attained with extraction in distilled water at 4 ^○C±2 ^○C with uniform agitation for 60 minutes. Enzymes extracted were subjected to concentrating by tangential flow filtration quantified as 1022.2±4.9IU carboxymethylcellulase and 17.5±0.09IU laccase activity. pH stability study of lyophilised extracted enzyme powder at 30 ^○C showed that extract reconstituted in sterile distilled water has a constant and stable activity for up to 24 hrs. The study also confirmed that pH 6.0-8.0 is optimum for cellulase and pH 4.0 for laccase activity. Further, heterogeneous cultures isolated from SMC were subjected to understanding the diversity and phylogenetic relationship of microbes in SMC, which was carried out by internal transcribed spacer identification. Filtrate culture (FC) was found to be closely related to Suhomyces xylopsoci. The most abundant strains detected based on percent identity were S. xylopsoci, Candida xylopsoci, and Pichia kudriavzevii, with 99.2% in FC. Similarly, residue culture (RC) was closely related to Wickerhamomyces sydowiorum. P. myanmarensis, and W. edaphicus with 82.9% identity in RC. These mixed cultures are primarily responsible for extracellular cellulase and laccase production, which belongs to the lignocellulolytic group of enzymes. This optimised protocol provides optimal conditions for extracting stable active enzymes with few novel insights on LCE-secreting organisms like S. xylopsoci and W. sydowiorum.