Arachidonic acid (ARA, 5,8,11,14-cis-eicosatetraenoic acid) is widely used in medicine, pharmaceutics, cosmetics, dietary nutrition, agriculture, and other fields. Microbiological production of ARA is of increased interest since the natural sources (pig liver, adrenal glands, and egg-yolk) cannot satisfy its growing requirements. Mechanisms for ARA biosynthesis as well as the regulation of enzymes involved in this process are considered. Review summarizes literature data concerning individual stages of microbiological ARA production, methods for screening of active strains-producers, physiological regulation of ARA synthesis in micromycetes (the effect of growth phase, medium composition, pH, temperature, and aeration), and effective technologies of fermentation and the product recovery. Information on the whole biotechnological process from strain selection to the ARA yield improvement and purification of the end product is presented.