The world we're living in is getting more crowded and polluted, and growing human population leads to the need for new materials, raw materials, medicine, higher quality food and water which results in the development of many biotechnological processes. Biotechnology has a key role in the implementation of many processes in more economically and environmentally acceptable way. Biotechnology as a science which is evolving with high speed requires new sources of materials and methods. Biotechnology uses organisms, parts of organisms or their products to the produce new products and methods. In this review paper, higher fungi which possess a large number of potentially usable characteristics in biotechnology have been studied and analyzed from vast literature in form of published science and professional papers. Higher fungi possess a large number of characteristics from which certain characteristics described in this paper stand out. Antibacterial, antiviral, immuno-modulating and insecticide properties with the ability to accumulate heavy metals and ability to decompose complex compounds are some characteristics that will be focus of this paper. The characteristics of higher fungi are described alongside certain problematics and in later part of this paper is described their actual and potential application in solving ecological problems. A large number of researches points to the knowledge about potentially usable characteristics of higher fungi because of which these organisms today can be considered as a good source of materials in many biotechnological processes.