•Wood-inhabiting fungal diversity depends on habitat quantity, quality, and continuity.•Volume of lying deadwood and low snags affected the total species richness.•Red-listed species responded to continuity, i.e., the number of >250-years-old trees.•Forests with uninterrupted continuity should be prioritised for conservation.•Retention practices should be considered from a centuries-long time perspective. An ongoing loss of Europe's old-growth forests urgently calls for improving our understanding of native biodiversity response to habitat changes. Studies disentangling the effects of habitat quantity, quality, and continuity on species diversity are rare, however, understanding the differences between these effects is crucial for forest management and conservation efforts. Here, we investigated the influence of habitat quantity, quality, and continuity on the total and red-listed species richness of wood-inhabiting fungi in old-growth mountain Norway spruce (Picea abies Karst.) forest in Central Europe. The fruitbody-based mycological survey conducted on permanent plots was combined with the measurements of forest structural characteristics such as deadwood volumes (indicating habitat quantity), dimensions, and decay stages (indicating habitat quality). Additionally, precise dendrochronological measurements were used to estimate the mean age of five oldest trees and the number of >250 years-old-trees (i.e., those that survived a probable logging activity about 250 years ago) as indicators of habitat continuity. Our results showed the total species richness of wood-inhabiting fungi to be best correlated with habitat quantity (volume of low snags and lying deadwood), while the red-listed species richness was best explained by habitat continuity indicated by the number of >250 years-old-trees. Our study provides novel evidence regarding uninterrupted habitat continuity being crucial in supporting red-listed fungal species. Stands with preserved habitat continuity (e.g., the absence of clearcutting and deforestation) as well as old-growth stands with long habitat history should be prioritised for conservation. Greater degree of retention forestry practices should be required in production forests to preserve habitat continuity. Our study shows that such decisions are likely to lead to positive effects that can persist for centuries.