Severe antifungal infections, especially opportunistic fungal infections, are increasing tremendously in immunocompromised patients. This is basically because more patients enduring neoplastic diseases lead to the wide use of chemotherapy, thus causing immunosuppression. Patients with HIV infection, burns, pancreatitis and neutropenia are also amenable to fungal infections. Out of a plethora of antifungal drugs applied, Amphotericin B, being a broad-spectrum antimicrobial drug, has been the gold standard treatment for a diverse variety of fungal infections since the 1950s and visceral leishmaniasis since the 1960s. However, Amphotericin B has major constraints of poor bioavailability and kidney toxicity, due to which newer antifungal compounds are being used. This article discusses fungal and parasitic diseases and formulations for treating these ailments.