The well-known photosensitizers hypericin, harmane, and emodin are typical pigments of certain mushroom species—is this a coincidence or an indication towards a photoactivated defense mechanism in the phylum Basidiomycota? This perspective article explores this hypothesis by cross-linking the chemistry of fungal pigments with structural requirements from known photosensitizers and insights from photoactivated strategies in the kingdom Plantae. Thereby, light is shed on a yet unexplored playground dealing with ecological questions, photopharmaceutical opportunities, and biotechnological potentials.