A wide variety of bacteria is far more exploited than fungi as biosurfactants (BS) or bioemulsifiers (BE), using renewable sources. BS are considered to be environmentally safe and offer advantages over synthetic surfactants. However, the BS yield depends largely on the metabolic pathways of the microorganisms and the nutritional medium. The production of BS or BE uses several cultural conditions, in which a small change in carbon and nitrogen sources affects the quantity of BS or BE produced. The type and quantity of microbial BS or BE produced depend mainly on the producer organism, and factors such as carbon and nitrogen sources, trace elements, temperature and aeration. The diversity of BS or BE makes it interesting to apply them in the pharmaceutical and cosmetics industries, agriculture, public health, food processes, detergents, when treating oily residues, environmental pollution control and bioremediation. Thus, this paper reviews and addresses the biotechnological potential of yeasts and filamentous fungi for producing, characterizing and applying BS or BE.