Proteolytic enzymes of the fungi attract attention of investigators due to many reasons among which their large diversity, wide substrate specificity, stability under extreme conditions (pH, temperature) are most important. Their functional significance, including various processes, from hydrolysis of macromolecular substrates under deficiency of nitrogen compounds to initiation and maintenance of pathogenesis, is also very interesting. The present review deals with classification and biochemical properies of extracellular fungal proteinases, their physiological role as well as fields of practical application. Much attention is given to pecularities of extracellular proteinases of xylotrophic basidiomycetes-- an exceedingly important group of the fungi from the point of functioning of biological communities, and their participation in biodestruction of plant waste which are also used as source of food and medicinal preparations. Special attention is focused on regulation of synthesis and secretion of extracellular proteinases of xylotrophic basidiomycetes.