The aim of this work has been to study the substrate specificity of two aromatic peroxygenases concerning polyaromatic compounds of different size and structure as well as to identify the key metabolites of their oxidation. Thus, we report here on new pathways and reactions for 2-methylnaphthalene, 1-methylnaphthalene, dibenzofuran, fluorene, phenanthrene, anthracene and pyrene catalyzed by peroxygenases from Agrocybe aegerita and Coprinellus radians (abbreviated as AaP and CrP). AaP hydroxylated the aromatic rings of all substrates tested at different positions, whereas CrP showed a limited capacity for aromatic ring-hydroxylation and did not hydroxylate phenanthrene but preferably oxygenated fluorene at the non-aromatic C9-carbon and methylnaphthalenes at the side chain. The results demonstrate for the first time the broad substrate specificity of fungal peroxygenases for polyaromatic compounds, and they are discussed in terms of their biocatalytic and environmental implications.