Favolaschia calocera was originally described from Madagascar, and reported to have a worldwide distribution. In the current study, samples of the Favolaschia calocera from Central America, Australia, China, Kenya, Italy, New Zealand, and Thailand were analyzed by using both morphological and molecular methods. Phylogenetic analyses were based on the internal transcribed spacer (ITS) dataset, and the combined five-locus dataset of ITS, large subunit nuclear ribosomal RNA gene (nLSU), the small subunit mitochondrial rRNA gene (mt-SSU), the small subunit of nuclear ribosomal RNA gene (nu-SSU), and the translation elongation factor 1α (TEF1). Our study proves that Favolaschia calocera is a species complex, and six species are recognized in the complex including four new species. Three new species F. brevibasidiata, F. brevistipitata, and F. longistipitata from China; and one new species F. minutissima from Asia. In addition, Favolaschia claudopus (Singer) Q.Y. Zhang & C. Dai, earlier treated as a variety of Favolaschia calocera R. Heim, were raised to species rank. Illustrated descriptions of these five new taxa are given. An identification key and a comparison of the characteristics of species in the Favolaschia calocera complex are provided.