Among the main categories of wood-rotting fungi, white rot and brown rot fungi and their enzymes are being increasingly used in a variety of biotechnological applications, some of which include wood and pulping, textile, bioenergy/biofuel and bioremediation (decolourization of synthetic dyes, wastewater treatment, detoxification/removal of toxic substances, including wood preservatives). The paper reviews various biotechnological applications of wood-rotting fungi and their key enzymes, laccase and peroxidases, and outlines future prospects where technological developments can lead to their more efficient and economic industrial uses and can create opportunities to expand applications. The information is presented under defined, interactive categories. Thoughts are presented on potential future technology development that can ensure economic production of specific enzymes and their targeted industrial applications. (C) 2014 Published by Elsevier Ltd.