Tinea versicolor, also called as Pityriasis versicolor, is one of the most common skin infections, caused by the yeast Malassezia furfur. Recently it has been discovered that the yeast Malassezia globosa also causes tinea versicolor. The disease is mostly seen in adolescents and young adults. The organism is present as a part of the normal flora in some individuals while causes the disease in others. The reason for this is not entirely known, however, immunosuppression, malnutrition and genetic predisposition are potent factors favoring the development of the disease. It presents with irregular pale spots on the skin which often merge together to form larger spots. These are commonly found in the back, neck, chest, underarm, upper arm and lower legs. Sometimes, these spots may also be found on the face. These spots appear to be hyperpigmented in fair skinned persons and hypopigmented in dark skinned persons. Microscopic examination of skin scrapings of these lesions shows plenty of the yeast. Topical application of selenium sulfide is used for the treatment of tinea versicolor. Oral administration of fluconazole or ketoconazole has also proven to be effective. Recurrence is very common after the treatment and can be reduced by maintaining proper personal hygiene including the regular use of anti-dandruff shampoos.