Multiple genera of hypocrealean fungi infect and kill a wide variety of arthropod pests. Several formulations based on these soilborne fungi are commercially available as biopesticides for controlling urban, garden, greenhouse, and agricultural pests. These fungi are an important part of integrated pest management strategies to maintain pest control efficacy, reduce the risk of chemical insecticide resistance, and offer environmentally sustainable pest suppression. While the entomopathogenic or pest management role of these fungi is well documented, several studies in the past decade or two have provided insights into their relationship with plants, soil, and plant pathogens, and their additional roles in promoting plant growth and health. This review highlights these endophytic, mycorrhiza-like, and disease-antagonizing roles of entomopathogenic fungi.