Mycena galopus, commonly known as the milky mycena, milking bonnet or milk-drop mycena, is an inedible species of fungus in the family Mycenaceae of the order Agaricales. It produces small mushrooms that have grayish-brown, bell-shaped, radially-grooved caps up to 2.5 cm (1 in) wide. The gills are whitish to gray, widely spaced, and squarely attached to the stem. The slender stems are up to 8 cm (3 in) long, and pale gray at the top, becoming almost black at the hairy base. The stem will ooze a whitish latex if it is injured or broken. The variety nigra has a dark gray cap, while the variety candida is white. All varieties of the mushroom occur during summer and autumn on leaf litter in coniferous and deciduous habitats.

Mycena galopus is found in North America and Europe. The saprobic fungus is an important leaf litter decomposer, and able to utilize all the major constituents of plant litter. It is especially adept at attacking cellulose and lignin, the latter of which is the second most abundant renewable organic compound in the biosphere. The mushroom latex contains chemicals called benzoxepines, which are thought to play a role in a wound-activated chemical defense mechanism against yeasts and parasitic fungi.