Propolis is produced by honey bees from a series of resinous, gummy and balsamic substances collected from the leaf buds of different tree species and mixed with their secretions. It is used as a sealant and antiseptic in the hive. Because of its antimicrobial properties, propolis has become a popular alternative medicine or food for health protection and disease prevention. The presence of a large number of flavonoids, aromatic acids and phenolic compounds has been suggested to be responsible for most biological and pharmacological activities of propolis. This review aims to provide a critical analysis of the different studies which evaluate the activity of propolis against fungi and to identify the chemical components responsible for such activity. The discussion of the methodological approaches used and the issued results is a key point of this review to highlight knowledge gaps. This review will first describe the chemical composition of the propolis and the factors of variability including geographical and botanical origins and then examine its antifungal activities with a focus against phytopathogenic fungi. Finally, it will discuss the main components responsible for such activities and their mechanism of action.