The phylogenetic lineage, taxonomic affiliation and interrelationships of important asexual entomopathogenic fungal genera were studied using the sequences of partial regions of beta-tubulin and rRNA genes. The species structures of Beauveria bassiana and Nomuraea rileyi were also investigated. A total of 147 fungal entries covering 94 species were analysed. Phylogenetic analysis placed all the asexual entomopathogenic fungal species analysed, in the family Clavicipitaceae of the order Hypocreales of Ascomycota. Deep phylogenetic lineages were observed in B. bassiana iterating the complex nature of this species. Some of the isolates assigned to this species separated out more distinctly than morphologically distinguishable genera. Cryptic speciation was also evident in N. rileyi. It is concluded that the asexual fungi with entomopathogenic habit arose from a single lineage in sexual Clavicipitaceae.