Biodegradable composites consisting of Poly-(butylene adipate-co-terephthalate) (PBAT), thermoplastic starch, hydrophobically modified nanofibrillated cellulose (HMNC), and green surfactant (sucrose fatty acid ester) were prepared via the melt-mixing and film-blowing process (PBAT-HMNC). The composites were characterized using the Fourier transform infrared spectroscope (FT-IR), scanning electron microscope (SEM), and thermogravimetric analyzer (TGA). The mechanical and barrier properties were systematically studied. The results indicated that PBAT-HMNC composites exhibited excellent mechanical and barrier properties. The tensile strength reached the maximum value (over 13 MPa) when the HMNC content was 0.6% and the thermal decomposition temperature decreased by 1 to 2 °C. The lowest values of the water vapor transmission rate (WVTR) and the oxygen transmission rate (OTR) were obtained from the composite with 0.6 wt% HMNC, prepared via the film-bowing process with the values of 389 g/(m2·day) and 782 cc/(m2·day), which decreased by 51.3% and 42.1%, respectively. The Agaricus mushrooms still had a commodity value after 11 days of preservation using the film with 0.6 wt% HMNC. PBAT-HMNC composites have been proven to be promising nanocomposite materials for packaging.