The sclerotia of Wolfiporia cocos are a kind of traditional medicine and food with excellent benefits and are widely used in China, Japan, and other Asian countries. The mating system of fungi is not only of practical importance for breeding but also has profound effects on genetic variability and molecular evolution. However, the lack of clamp connections in W. cocos increases the difficulty of research on mating systems. In this study, homokaryons and heterokaryons were distinguished by comparing the characteristics of culture, fruiting tests, and molecular markers, which was further demonstrated by k-mer analysis based on Illumina sequencing. Uninucleate, binucleate, and nuclei-free condition basidiospores of W. cocos were observed, and binucleate basidiospores were the most predominant. Brown-type colonies, slow growth rates in both PDA medium and sawdust substrate, and neutral pH after the growth of mycelia and unfruiting were found to be the morphological and growth characteristics of homokaryotic strains. Primers SSR37 and 38 were screened to identify homokaryons. K-mer analysis based on Illumina sequencing exhibited different heterozygous ratios for homokaryons and heterokaryons. The results revealed that pseudo-homothallism was the predominant mode of reproduction in the Chinese population of W. cocos, and heterothallism also existed in all probability. This study will be helpful for the cross-breeding of this precious medicinal mushroom and for understanding its evolution and population structure.