The distributions of aquatic fungi in lake bottoms with anaerobic layer were observed during the summer stagnation period. The aquatic fungi were scarce both in quantity and in quality in the bottom muds. The genus Pythium and Aphanomyces were the only fungi in this season. The distributions of the aquatic fungi in the bottom mud had close relation with the amount of dissolved oxygen of the bottom water. Some experiments were carried out in the laboratory on the effect of low oxygen tension upon the fungus activity. The results were in accordance with the observations in lake bottom.