We present a macrofungi review based on 47 scientific papers, which include citings from Guatemala from 1948 to 2010. At least 367 species were reported during this period. Of these, 13 were described as new taxa, based on Guatemalan material, 83 are edible species, traditionally eaten, and 11 are toxic. The Basidiomycota are represented by 336 species (91.6%) and Ascomycota by 31 species (8.4%). Most speciose genera are Amanita (17), Russula (12), Laccaria (9), Boletus (8), Marasmius (8), Lactarius (8), Cantharellus (7), Suillus (7), Ramaria (7), Agaricus (6), Exidia (6), Ganoderma (6), Trametes (6), Tremella (6), and Xylaria (6). A gap of information regarding Ascomycota is notable, inferred by the scarce number of reported species. These data suggest a slow advance in the knowledge of macrofungi of Guatemala, indicating the need of more taxonomic, ecological and genetic studies. Highland conifers forests contain the best known diversity, but species of dry or semi-desertic areas continue undiscovered. In Guatemala the ancient tradition of consumption of wild mushrooms is common. The better known and appreciated species are: Amanita caesarea complex (“hongos de San Juan”, “Caesar’s mushroom”), Cantharellus cibarius, C. lateritius (“anacates”, “canturules”, “chanterelles”), Lactarius indigo (“xara”, “shara”, “indigo milk cap”, “blue lactarius”), L. deliciosus (“xara”, “xara amarilla”, “saffron milk cap”, “red pine mushroom”), Laccaria amethystina (“raqän xar”, “sombrerito”, “sombrero de xara”, “amethyst deceiver”), Hydnum repandum (“lengua de venado”, “wood hedgehog”, “hedgehog mushroom”), and Schizophyllum commune (“xikinché”, “ziquinché”, “split gill”). Native cultures of the “oyster mushrooms”, P. djamor and P. ostreatus, are artesanally grown in some sites in Huehuetenango, Alta Verapaz, Quiché and Sololá, using corncob, coffee pulp, and stubble and other corn waste products.