The subantarctic genus Orceolina is revised and two species are accepted, i.e. Orceolina antarctica Mull. Arg. R. S. Poulsen Søchting comb. nov. and Orceolina kerguelensis (Tuck.) Hertel. Descriptions of the species are provided. In addition the phylogeny of the genus Orceolina and allied taxa was investigated using nucleotide sequences of the LSU rRNA gene. Sequences from these regions of nine agyrialean fungi were aligned to those of four representatives of Pertusariales used as outgroup. The alignment was analysed cladistically using maximum parsimony. The two Orceolina clustered together within the Agyriaceae. The placement in the family is supported by high bootstrap values and the Kishino-Hasegawa test.