The term polyketide defines a class of natural products synthesized through the successive condensation of small arboxylic acids, which results in products containing multiple carbonyl or hydroxyl groups, each separated by one arbon atom, as in the structural element CH$_2$C(=0)CH$_2$CH(OE)CH$_2$C(=0)-. Plant flavonoids, fungal aflatoxins, as well as undreds of compounds of different structures that can inhibit the growth of bacteria, viruses, fungi, parasites or human umor cells are included in this diverse group. Some of antifungal polyketides also have immunosuppresive activity. olyketides can vary widely in structure, and the diversity of polyketide structures reflects the wide variety of their iological properties. This review focuses on the biosynthesis of polyketides and recent progress in combinatorial iosynthesis of new hybrid polyketide compounds.