Utilizing fungi to remediate arsenic-contaminated soil and water body has a great potential, which has been focused and highlighted in environmental sciences. Though the arsenic in environment can not be biodegraded as organic contaminants, its bioavailability can be affected by microorganisms via the processes oxidation/reduction, absorption/desorption, methylation/demethylation, and precipitation/dissolution, etc., and thereby, its toxicity could be reduced, and the arsenic-contaminated environment could be remediated. This paper introduced the action mechanisms of microorganisms on arsenic, summarized the research progress in the arsenic bioaccumulation and bio-volatilization by fungi, and discussed the feasibility of utilizing fungi in the remediation of arsenic-contaminated soil, aimed to provide theoretical reference for the bioremediation strategies of arsenic-contaminated soils.