Extramatrical mycelia (EMM) of ectomycorrhizal (ECM) fungi are potentially extensive in soil and receive significant allocations of plant-derived carbon. Although losses from living EMM occur via respiration and exudation, EMM represents a considerable biomass component and potential carbon sink in many forest soils. ECM root tips and rhizomorphs may persist in soil for many months, but interactions between grazing arthropods and decomposers probably facilitate more rapid turnover of diffuse EMM. Elevated atmospheric CO₂ concentration [CO₂] is likely to increase carbon allocation to ECM fungi by their tree hosts. This will probably increase root colonization by ECM fungi and drive changes in their communities in soil. The likely effects of elevated [CO₂] and other climate change factors on the production and turnover of EMM production are difficult to predict from current evidence, and this hampers our understanding of their potential value as future carbon sinks. Responses of grazing soil arthropods to future climate change will have a strong influence on EMM turnover, along with the abilities of ECM fungi to store carbon in below-ground, and this should be seen as a priority area for future research.