Yeasts provide a powerful model system for comparative genomics research. The availability of multiple complete genome sequences from different fungal groups—currently 18 hemiascomycetes, 8 euascomycetes and 4 basidiomycetes—enables us to gain a broad perspective on genome evolution. The sequenced genomes span a continuum of divergence levels ranging from multiple individuals within a species to species pairs with low levels of protein sequence identity and no conservation of gene order. One of the most interesting emerging areas is the growing number of events such as gene losses, gene displacements and gene relocations that can be attributed to the action of natural selection.