Despite the widespread prophylactic use of antifungal agents in neutropenic patients, invasive fungal infections continue to emerge as major causes of morbidity and mortality. With the exception of fluconazole prophylaxis in allogeneic marrow transplant recipients, no firm conclusions can be drawn due to the lack of reliable, randomized trials. At the present time, it seems that antifungal chemoprophylaxis is more a matter of faith rather than science. Earlier diagnosis based on noninvasive diagnostic techniques and pre-emptive strategies may offer more promise than a liberal prophylactic approach.