Microfungi isolated from soil samples collected in Franz Joseph Land by means of the soil dilution and soil washing methods were screened for their ability to grow at low temperatures. The oligotrophic ability of the psychrotrophic strains was then determined on silica gel. A total of 40 taxa from 21 genera were isolated. Most isolates were species of Acremonium, Geomyces, Mortierella, Phialophora, Phoma, Thelebolus and sterile fungi. Eutypella scoparia, Hyphozyma variabilis and Ovadendron sulphureo-ochraceum are new records as soil and Arctic fungi. Most fungal isolates were psychrotrophic. The few psychrooligotrophs were species of Geomyces, Phoma, Thelebolus and Mortierella. Overall, our results suggest that the major component of an Arctic soil mycoflora should be active in one or more short growing seasons interspersed with periods of prolonged dormancy. Only a minor component, such as the small group of psychrooligotrophic fungi found in this study, may be expected to show continuous slow growth.