Austroboletus mutabilis is a species of bolete fungus found in northern Australia.

This bolete is characterised by its colour change—from deep red to orange and, finally, to yellow—that occurs in the cap.

[1] Almost no other Bolete goes through such a dramatic colour change as this species and this change may occur as a consequence of time, exposure to sunlight and/or local humidity.

While the plage appears smooth under the light microscope, scanning electron micrography shows a large, irregular pit or erosion of that region which seems to develop with maturation.

[1] Austroboletus mutabilis was identified as a new species of Austroboletus by Roy Halling, Todd Osmundson and Maria Alice Neves in a 2006 article[1] and is known to grow at a few sites in North Queensland, Australia.