Cassava is one of the main processed crops in Thailand, but this generates large amounts (7.3 million tons in 2015) of waste cassava pulp (WCP). The solid WCP is sold directly to farmers or pulp-drying companies at a low cost to reduce the burden of on-site waste storage. Using an integrated direct and environmental cost model, fermented animal feed and mushroom growth media were compared as added-value waste management alternatives for WCP to mitigate environmental problems. Primary and secondary data were collected from the literature, field data, and case studies. Data boundaries were restricted to a gate-to-gate scenario with a receiving capacity of 500 t WCP/d, and based on a new production unit being set up at the starch factory. The total production cost of each WCP utilization option was analyzed from the economic and environmental costs. Fermented animal feed was an economically attractive scenario, giving a higher net present value (NPV), lower investment cost and environmental impact, and a shorter payback period for the 10-year operational period. The selling price of mushrooms was the most sensitive parameter regarding the NPV, while the NPV for the price of fermented animal feed had the highest value in the best-case scenario.