With the exception of polysaccharides and triterpenes/triterpenoids compounds, fungal immunomodulatory protein (FIP), a small molecule protein, is also an important bioactive component with immune regulating activity. It plays a significant role in immunomodulating. The objective of this paper was to review the latest advances in various aspects of research on FIPs, including their basic components and structural character, characters of diversity, gene cloning and expression, and their biological function, etc. In addition, prospects of utilization value and the exploitation foreground of FIPs were also discussed. The review will provide a useful reference for further research, development, and utilizations of FIPs.