Abstract Pu‐erh tea belongs to dark tea among six major teas in China. As an important kind of post‐fermented tea with complex microbial composition, Pu‐erh tea is highly praised by many consumers owing to its unique and rich flavor and taste. In recent years, Pu‐erh tea has exhibited various physiological activities to prevent and treat metabolic diseases. This review focuses on the fungi in Pu‐erh tea and introduces the sources, types, and functions of fungi in Pu‐erh tea, as well as the influence on the quality of Pu‐erh tea and potential safety risks. During the process of fermentation and aging of Pu‐erh tea, fungi contribute to complex chemical changes in bioactive components of tea. Therefore, we examine the important role that fungi play in the quality formation of Pu‐erh tea. The associations among the microbial composition, chemicals excreted, and potential food hazards are discussed during the pile‐fermentation of Pu‐erh tea. The quality of Pu‐erh tea has exhibited profound changes during the process of pile‐fermentation, including color, aroma, taste, and the bottom of the leaves, which are inseparable from the fungus in the pile‐fermentation of Pu‐erh tea. Specifically, the application prospects of various detection methods of mycotoxins in assessing the safety of Pu‐erh tea are proposed. This review aims to fully understand the importance of fungi in the production of Pu‐erh tea and further provides new insights into subtly regulating the piling process to improve the nutritional properties and guarantee the safety of Pu‐erh tea.