Naturally derived psilocybin is widely used, yet its therapeutic potential, pharmacological distinctiveness and regulatory feasibility remain understudied. This review evaluates the potential of naturally derived psilocybin using a six-criterion framework to evaluate: (1) therapeutic benefit, (2) safety and tolerability, (3) pharmacological uniqueness vs. synthetic psilocybin, (4) identity and composition control, (5) dose precision and stability, and (6) ecological sustainability. This paper answers three key questions about naturally derived psilocybin: Does it show therapeutic potential? Does it differ from synthetic psilocybin? Can it meet medicinal standards? Findings suggest perceived therapeutic benefits from naturally derived psilocybin across mental health domains, though evidence of causal efficacy is mixed. Safety profiles are favorable but context-dependent, with risks in vulnerable populations. Some preliminary preclinical evidence indicates possible entourage effects, but human validation is lacking. Dose precision varies, with purified psilocybin being most reliable, followed by standardized extracts, alcoholic, aqueous, and whole biomass preparations. Scalable cultivation is feasible but faces sustainability challenges. Key gaps include a lack of controlled trials, longitudinal safety evaluations, and standardization. We provide a phased research roadmap, which proposes short-term studies to establish safety, mid-term mechanistic and standardization efforts, and long-term integration into therapeutic, cultural, and ecological systems. This review highlights the promise of naturally derived psilocybin but underscores the need for rigorous evidence to support regulatory acceptance and clinical use.