This document summarizes the systematic position and life cycle of the fungus Penicillium. It notes that Penicillium is classified as Ascomycetes, order Eurotiales, family Eurotiaceae. The vegetative body is a mycelium composed of branched, septate hyphae. Penicillium reproduces through vegetative, asexual, and sexual means. Sexual reproduction involves the formation of ascocarps containing asci with ascospores, which germinate to form new mycelia. The life cycle is completed through both asexual spore formation and the sexual cycle involving ascogonium, antheridium, and cleistothecium formation.