A decade has passed since the first DNA sequences of aquatic hyphomycete species have become available. They have illuminated aspects of their phylogeny and evolution that were inaccessible by conventional methods. Here we present examples of how the resulting information has modified our knowledge of aquatic hyphomycetes. Generating more and better DNA sequence data will continue to expand the range of questions we can investigate concerning the evolution and ecology of aquatic hyphomycetes. We highlight the importance of moving forward with next-generation sequencing technologies to more accurately determine the true diversity and composition of fungal communities on environmental samples. In addition, sequences targeting functional genes will offer further insights into the roles of aquatic fungi in ecosystem processes.