Phosphates are essential nutrients for living organisms, and they are involved in various biological processes, including lipid metabolism, energy synthesis, and signal regulation. Recent studies have elucidated the fundamental components and transport proteins of phosphate signaling pathways, thereby providing a more profound understanding of phosphate metabolism in fungi. In this review, we concentrate on synthesizing the recent findings concerning phosphate metabolism in fungi over the past five years. These findings include the role of phosphates in the global phosphorus cycle, their effect on fungal growth and development, the variations in PHO signaling pathways among different species, and their pivotal role in symbiosis with plants. A mounting body of research substantiates the notion that phosphates play a pivotal role in regulating fungal life activities through a multifaceted mechanism. This regulatory function encompasses the promotion of growth and development, adaptation to environmental variations among different fungal species, and the evolution of distinct regulatory factors and transport proteins. Consequently, this fosters fungal diversity.