The hyphomycetous genus Phialophora is revised. It is characterized by flask-shaped phialides with a collarette and one-celled slimy conidia. This characterization excludes species which form blastospores on sympodulae besides phialospores, and which have been revised as species of the genus Rhinocladiella in a previous paper. The genus Margarinomyces, on the contrary, is considered to be a synonym of Phialophora. With this emendation there remain now twelve species or species groups which are redescribed. The necessary new combinations are proposed.