Humic and fulvic acids constitute humic substances, a complex mixture of many different acids containing carboxyl and phenolate groups, which are not only the principal soil fertility factors but also the main pollutants present in landfill leachates or natural organic matter in water. Due to their low bacterial biodegradability, fungal biodegradation processes are key for their removal. The present study compiles and comments all the available literature on decomposition of aqueous humic substances by fungi or by their extracellular enzymes alone, focusing on the influence of the reaction conditions. The biodegradation extent mainly depends on the characteristics and concentration of the humic compounds, the type of microorganisms selected, the inoculation mode, the C and N sources, the presence of certain chemicals in the medium, the availability of oxygen, the temperature, and the pH.