This review presents the extensive work carried out on lipid components of dermatophytes, their biosynthesis, turnover and regulation. It emerges from the work done so far that the pathways of lipid biosynthesis/degradation and the lipid composition in dermatophytes are similar to those in yeasts and other fungi. Second messengers (Ca 2 § cAMP) were demonstrated to have a regulatory role in phospholipid metabolism and they mainly act by stimulating Ca2*/CaM or cAMP dependent protein kinase(s). Both these kinases were purified and characterized in Microsporum gypseum. Further work is being carried out to elucidate the molecular mechanism of regulation of phospholipid metabolism by these second messengers.