Fusarium moniliforme Sheldon (perfect stage Gibberella fujikuroi (SAW. Wollenweber), an ubiquitous fungus belonging to the section Liseola (Booth), is one of the widespread, phytopathogenic fungi. This field fungus common on many crops, including rice, oats, wheat, maize, barley and soybeans was well known because of the ability to produce gibberellins in high quantities. Today beside of the very important gibberellic acid (GA3) other gibberellins such as GA4 and GA7 are of significance for agriculture and horticulture. Moreover, this fungus produces further biologically active metabolites, e.g. pigments, mycotoxins, phytotoxins, oestrogens and extracellular enzymes. Fusarium moniliforme strains are able to produce 2 pigment groups - the karotenoids and the bikaverins, the last of which has antibiotical activity against Leishmania brasiliensis. The biosynthesis of some mycotoxic substances, such as moniliformin, fusaric acid, fusarin C and fusariocin C, is described. From enzymes the milk-clotting rennin, cellulolytic and amylolytic enzymes, pectinases and phenol-degrading enzymes are of economical interest. Therefore, Fusarium moniliforme is a source of different bioactive metabolites. The production is dependent on the conditions and strain specifity.