The genus Fusarium currently includes over 80 species. This number is increasing as studies based upon deoxyribonucleic acid (DNA) sequence comparison become more common. The majority of Fusarium species are associated with plants and many are important plant pathogens. This review introduces the species of greatest significance with respect to cereal crops. As well as causing significant yield loss, many of the species produce a range of secondary metabolites (mycotoxins) that are harmful to human and animal consumers. Studies are unravelling the genetics of mycotoxin biosynthesis and regulation but work is still required to understand the role of these compounds in the life cycle of the producing fungi.