Sterol regulatory element binding proteins (SREBPs) are membrane‐bound transcription factors that control cellular lipid homeostasis. Fungal SREBPs additionally act as hypoxic transcription factors and are required for adaptation to low oxygen environments. Studies in opportunistic fungal pathogens revealed that SREBPs are required for virulence in mouse models of disease, making the SREBP pathway an antifungal therapeutic target. Our studies in fission yeast defined two independent mechanisms by which oxygen controls SREBP activity and identified molecular machinery essential for SREBP pathway function. These studies reveal important similarities and differences between fungi and mammals that have implications for treatment of fungal disease.