Filamentous fungi are the most widely used eukaryotes in industrial and pharmaceutical applications. Their biotechnological uses include the production of enzymes, vitamins, polysaccharides, pigments, lipids and others. Marine fungi are a still relatively unexplored group in biotechnology. Taxonomic and habitat diversity form the basis for exploration of marine fungal biotechnology. This review covers what is known of the potential applications of obligate and marine-derived fungi obtained from coastal to the oceanic and shallow water to the deep-sea habitats. Recent studies indicate that marine fungi are potential candidates for novel enzymes, bioremediation, biosurfactants, polysaccharides, polyunsaturated fatty acids and secondary metabolites. Future studies that focus on culturing rare and novel marine fungi, combined with knowledge of their physiology and biochemistry will provide a firm basis for marine mycotechnology.