Morchella fungi are considered a good source of protein. The ITS region was used to identify Morchella isolated in the northern region of Iran. The isolated fungus was very similar to Morchella fluvialis. M. fluvialis was first isolated in Iran. Dried biomass of M. fluvialis contained 9% lipids and 50% polysaccharides. Fatty acid profiles of lipids of M. fluvialis are mainly made up of linoleic acid (C18:2) (62%), followed by palmitic acid (C16:0) (12%). Testosterone (TS) was also detected (0.732 ng/dry weight biomass (DWB)) in the hormone profile of this new isolated species. Then, various protein and carbon sources as variable factors were applied to identify the key substrates, which stimulated protein production using the one-factor-at-a-time method. Key substrates (glucose and soybean) were statistically analyzed to determine the optimum content of the protein and DWB accumulation using response surface methods. The highest protein content (38% DWB) was obtained in the medium containing 80 g/l glucose and 40 g/l soybean powder. Total nutritionally indispensable amino acids and conditionally indispensable amino acids constitute 55.7% crude protein. That is to say, these adequate quantities of essential amino acids in the protein of M. fluvialis make it a good and promising source of essential amino acids for human diet.