Fungi are versatile organisms; they exist on earth in all extremes of conditions. Fungi are sources of important chemical entities which may be both beneficial and deleterious. Biotechnology has helped to harness this potential of Fungi in a positive direction. The advancements in Genomics and Proteomics have opened up new horizon in research. Improved advanced Molecular Biological Technologies have given a boost to our understanding of genes and helped us to exploit the full potential of Fungi. Bioinformatics and Statistical sciences are indispensable in this regard. Databases are available, providing fast, efficient, meaningful interpretation and analysis of vast amounts of data generated in scientific laboratories.