Perylenequinones (PQs) are aromatic polyketides with an oxidized pentacyclic core that make up a family of natural compounds. Naturally occurring PQs mostly are produced by phytopathogenic fungi, with few aphides, crinoids, and plants. PQs, also known as photosensitizers, absorb light energy which empowers them to produce reactive oxygen species that damage host cells. Therefore, PQs gained a considerable interest in pharmaceutical application notably in photodynamic therapy. This review presents a comprehensive overview of fungal PQs. Their occurrence, categorization, biosynthesis, structures, and bioactivities are all discussed in detail. After that, an analysis outlines their distribution across the kingdom of fungi. A total of 66 fungal PQs have been described from 22 ascomycete genera ( Alternaria, Aspergillus , Bulgaria , Cenococcum , Cercospora , Cladosporium , Curvularia , Daldinia , Elsinoë , Hypocrella , Hypomyces , Parastagonospora , Phaeosphaeria , Phylacia , Pyrenochaeta , Rhopalostroma , Rubroshiraia, Setophoma, Shiraia , Stemphylium , Stagonospora , and Thamnomyces ). Dothideomycetes account for the majority of documented fungal PQs (82%), followed by Sordariomycetes (14%), Leotiomycetes (3%), and Eurotiomycetes (1%). Herein, five families Pleosporaceae , Phaeosphaeriaceae , Cladosporiaceae , Shiraiaceae , and Hypoxylaceae are highlighted as potential sources of novel PQs due to their diversity. The review intends to pique bioprospectors’ interest in fungal PQs. Indeed, the pharmaceutical and agrochemical industries might gain greatly by exploiting fungal perylenequinones. Graphical abstract