Two filamentous white-rot fungi, Phlebia acerina FBCC4 and Phlebia radiata FBCC43, were employed as biocatalysts for hydrolysis of lignocellulose to reducing sugars and fermentation of reducing sugars therefrom to ethanol. Bioprocess of direct conversion of lignocellulose to ethanol was carried out by using monocultures of the two fungi as well as two-member co-culture of FBCC4 and FBCC43. Experiments were performed in modified Okamoto medium with core board (50 g L-1) as main carbon and energy source. The bioprocess was improved by employing three-species co-culture of P. acerina FBCC4, P. radiata FBCC43 and selected yeast Saccharomyces cerevisiae HAMBI1164 (FBCC4 + FBCC43 + HAMBI1164). The yeast was a good candidate for the three-species co-culture because it was able to ferment glucose and produce ethanol very efficiently. In addition, the yeast grew well as a member of FBCC4 + FBCC43 + HAMBI1164 and its growth was almost not affected by oxalic acid or products of metabolism of FBCC4. Three-species co-culture FBCC4 + FBCC43 + HAMBI1164 produced the highest concentration of ethanol (0.34 g L-1 and 1.89 g L-1) on the 9th day of the bioprocess under microaerophilic and almost anaerobic conditions, respectively. During this period weight of core board was reduced for 27.1 % of the initial weight while weight of dry mycelial biomass increased to 0.19 g in one Erlenmeyer flask.