It is increasingly recognized that the biodiversity in agroecosystems deliver significant ecosystem services to agricultural production such as biological control of pests. Entomopathogenic fungi, specifically the anamorphic taxa Beauveria bassiana and Metarhizium anisopliae, Hypocreales (Ascomycota), are among the natural enemies of pests in agroecosystems and the fungi are candidates for future conservation biological control in temperate regions. Conservation biological control is a biological control strategy in which farming practices and environmental manipulations are adopted to enhance the living conditions for specific natural enemies of pests. However, in order to manipulate the environment for the benefit of populations of the entomopathogens, knowledge of fundamental aspects of the ecology of the fungi considered is necessary. This knowledge is still scarce despite the large bulk of recent research into inoculation and inundation biological control with these fungi. Here, we review the current knowledge of the ecology of indigenous populations of B. bassiana and M. anisopliae in agroecosystems of temperate regions, primarily Europe and North America. We suggest anamorphic life cycles of B. bassiana and M. anisopliae in these regions based on the literature of their natural occurrence and distribution in agroecosystems, population dynamics, and interactions with other organisms, environmental factors, and agronomical practices.