Fomes have attracted much attention because of their important ecological, economic and medical values. In forest ecosystems, Fomes play a core role in promoting the circulation of nutrients and the flow of energy. In the application of modern medicine and biotechnology, the effective substances extracted from Fomes also have a great economic value. The aims of this review are to (1) review the historical taxonomy of Fomes, (2) briefly describe important species of Fomes together with their distribution, and (3) discuss the economic value of Fomes.