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Collecting and studying hypogeous sequestrate fungi and their particular fruiting biology has always been challenging and intriguing for scientists. However, knowledge of hypogeous taxa has for a long time been limited mainly to the Northern Hemisphere, and more recently, Australia. Nevertheless, cumulative information on sequestrate fungi for South America (SA) has increased considerably over the years, and constitutes by itself, the aim of this review. We have reviewed the available published literature, from 1880 until recent times, to extract information on records, ecology, and morphological characteristics of hypogeous sequestrate fungi from SA. Based on the 172 taxa cited in the available literature, a trend of increasing interest in the study of these fungi in the region is apparent, yet with an uneven distribution among countries, climate belts, and nature of forest habitats. Hypogeous truffle-like species in SA play a key role in regulating nutrient and carbon cycles and in all ecosystem multifunctionality. The symbiotic status is provided for most species listed, and mutualism, especially ectomycorrhizal, is predominant (82 %). The hypogeous sequestrate fungi in SA are an understudied group of fungi, with exceptional anatomical and biological features as well as in many cases intriguing phylogenetic relationships, requiring more attention and analysis from mycologists.