Xylomyces is re-examined, the type specimen X. chlamydosporis redescribed and illustrated, and new distribution records are provided. Four new species, X. elegans sp. nov., X. giganteus sp. nov., X. punctatus sp, nov. and X. pusillus sp., nov. are described from wood submerged in freshwater collected in various countries. The chlamydospores of these species are drawn at the same scale as a composite diagram for comparison and each is illustrated with light micrographs. Xylomyces foliicola is regarded as atypical in the genus. A key to the accepted species in Xylomyces is provided.