Dimorphism refers to the peculiar capacity of several fungi to shift morphologically between yeast and mycelial forms in response to environmental factors. Various signaling pathways connect external stimuli and cell morphological changes. Although the dimorphism transition is usually related to pathogenicity, it also greatly affects cell behavior during fermentation. Investigating the morphogenetic shifts of those fungi not only builds the foundation for elucidating pathogenic mechanisms, but may also help identify novel regulation strategies for biotechnological applications. The present work focuses on the latest researches aimed at understanding the environmental factors and their underpinning molecular mechanisms, discusses potential biotechnological applications, and provides a comprehensive basis for further research.