Colorectal cancer (CRC) is a major global health threat, necessitating the development of functional foods with chemopreventive potential. This study aimed to evaluate the modulation of the anticancer activity of Hericium erinaceus with different iron forms (FeCl3, FeSO4, and FeHBED) as it modulates its anticancer activity against HT-29 cells. The extracts were subjected to simulated in vitro digestion and analyzed for cytotoxicity (MTT), antioxidant capacity (DPPH), and morphological changes, alongside high-throughput RT-qPCR profiling of 92 cancer-related genes. The results demonstrated that iron speciation is critical, with FeHBED-biofortified extracts exhibiting the most potent concentration-dependent cytotoxic and antiproliferative effects. Treated cells displayed apoptotic morphology, including chromatin condensation and cell shrinkage. Molecular analysis revealed significant downregulation of key oncogenes (HRAS, MYC), cell cycle regulators (CDK4), and migration markers (RHOA, ITGB1), whereas VEGFA was upregulated as a stress-induced response. In conclusion, biofortification with FeHBED significantly enhanced the anticancer potential of H. erinaceus by targeting specific proliferative and survival pathways. These findings highlight the potential of iron-biofortified mushrooms as a functional dietary component for colorectal cancer prevention.