Warm the broth: In a small pot, bring the broth to a gentle simmer and keep it warm over low heat. Warm broth helps the rice cook evenly and absorb liquid faster.
Sauté the mushrooms: In a large skillet or wide pot, heat 1 tablespoon butter and the olive oil over medium-high heat.
Add the mushrooms and a pinch of salt. Cook, stirring occasionally, until they release their moisture and turn golden at the edges, about 6–8 minutes. Transfer to a bowl and set aside.
Cook the aromatics: In the same pot, lower the heat to medium.
Add the remaining 2 tablespoons butter and the chopped onion. Cook until soft and translucent, 3–4 minutes. Stir in the garlic and thyme and cook 30 seconds until fragrant.
Toast the rice: Add the arborio rice to the pot and stir to coat each grain with the butter and aromatics.
Cook 1–2 minutes until the edges look slightly translucent. This step builds flavor and helps the rice absorb liquid properly.
Deglaze with wine: Pour in the white wine and stir until it has mostly evaporated. If skipping wine, add a ladle of broth and proceed to the next step.
Add broth gradually: Add 1 ladle (about 1/2 cup) of warm broth and stir gently but consistently.
When the liquid is almost absorbed, add another ladle. Keep repeating, maintaining a gentle simmer. This process usually takes 18–22 minutes.
Fold in mushrooms: About halfway through, return the mushrooms to the pot.
Continue adding broth and stirring until the rice is al dente—tender with a slight bite—and the consistency is creamy and loose.
Finish with Parmesan: Remove from heat. Stir in the Parmesan until melted and glossy. Taste and season with salt and pepper.
Add a squeeze of lemon or a little zest if you want brightness.
Rest and serve: Let the risotto sit for 1–2 minutes. If it thickens too much, loosen it with a splash of warm broth. Serve immediately, topped with extra Parmesan and parsley.