Both leaf litter and wood are important resources in woodland streams. However, much less is known about the role of fungi in decomposing wood than leaves. To compare fungal activity in the decomposition of these resources, we determined fungal biomass (from ergosterol content), fungal production (from rates of radiolabeled acetate incorporation into ergosterol), and microbial respiration associated with randomly collected small wood (<40 mm diam) and leaves in 2 streams (reference and nutrient-enriched) at the Coweeta LTER, NC over an annual cycle. Despite a higher standing crop of wood (2-3×) than leaves in both streams, annual fungal production on an areal basis was lower on wood than on leaves (4.3 and 15.8 g C m^-2 y^-1 in the reference; 5.5 and 33.1 g C m^-2 y^-1 in the nutrient-enriched stream). However, because of the lower annual input of wood (1/5) than leaves, the proportion of CPOM input assimilated by fungi was comparable for these substrates (15.4 (W) and 11.3% (L) in the reference; 20.0 (W) and 20.2% (L) in the enriched stream). Despite a significantly lower fungal activity on wood than on leaves (per g detrital C), fungi can be equally important in processing both leaves and wood in streams.