Many fungi reported for endophytic occurrence are better known as plant pathogens on different crops, raising questions about their actual relationships with the hosts and other plants in the biocoenosis and about the factors underlying the lifestyle shift. This paper offers an overview of the endophytic occurrence of Lasiodiplodia theobromae (Dothideomycetes, Botryosphaeriaceae), a species known to be able to colonize many plants as both an endophyte and a pathogen. Prevalently spread in tropical and subtropical areas, there are concerns that it may propagate to the temperate region following global warming and the increasing trade of plant materials. The state of the art concerning the biochemical properties of endophytic strains of this species is also examined with reference to a range of biotechnological applications.