This review focuses on selected aspects of lovastatin biosynthesis by Aspergillus terreus. Biochemical issues concerning this process are presented to introduce polyketide metabolites, in particular lovastatin. The formation of other than lovastatin polyketide metabolites by A. terreus is also shown, with special attention to (+)-geodin and sulochrin. The core of this review discusses the physiology of A. terreus with regard to the influence of carbon and nitrogen sources, cultivation broth aeration and pH control strategies on fungal growth and product formation. Attention is paid to the supplementation of cultivation media with various compounds, namely vitamins, methionine, butyrolactone I. Next, the analysis of fungal morphology and differentiation of A. terreus mycelium in relation to both lovastatin and to (+)-geodin formation is conferred. Finally, the kinetics of the process, in terms of associated metabolite formation with biomass growth is discussed in relation to published kinetic models. The review concludes with a list of the most important factors affecting lovastatin and (+)-geodin biosynthesis.