Fungal secondary metabolites are an important source of bioactive compounds for agrochemistry and pharmacology. Over the past decade, many studies have been undertaken to characterize the biosynthetic pathways of fungal secondary metabolites. This effort has led to the discovery of new compounds, gene clusters, and key enzymes, and has been greatly supported by the recent releases of fungal genome sequences. In this review, we present results from a search for genes involved in secondary metabolism and their clusters in the genome of the rice pathogen, Magnaporthe grisea, as well as in other fungal genomes. We have also performed a phylogenetic analysis of recently discovered genes encoding hybrids between a polyketide synthase and a single non-ribosomal peptide synthetase module (PKS–NRPS), as M. grisea seems rich in these enzymes compared with other fungi. Using results from expression and functional studies, we discuss the role of these PKS-NRPS in the avirulence and pathogenicity of M. grisea.