Contrary to the case with bacterial infections, progress in the diagnosis and treatment of invasive mycoses in cancer patients has been unsatisfactory. Amphotericin B deoxycholate has remained the drug of choice for severe invasive fungal infections for nearly 40 years. However, its infusion-related side effects, as well as its toxicity, may at times lead to dose reduction or early discontinuation of the treatment. The introduction of the new triazoles, fluconazole and itraconazole, has improved the therapeutic chances against several fungal infections; however, the need for a broad-spectrum drug in empiric antifungal therapy, the emergence of fluconazole-resistant Candida species, and the limitations of itraconazole in terms of speed action and erratic oral absorption represent important limitations. Recently, laboratory and clinical research has been directed at the development of new formulations of older classes of antifungals, the introduction of new classes of antifungals, and the use of immunomodulation associated with antifungal therapy. This paper reviews the more recent advances in the treatment of fungal infections in cancer patients.