Cortinarius magellanicus Speg. is an edible, ectomycorrhizal fungus, widely distributed in Argentina, Chile and New Zealand. However, earlier studies already indicated that the epithet ‘magellanicus’ might have been applied in a wide sense, thus circumscribing several species. A neotype was designated by Moser and Horak (1975) due Spegazzini's type was lost. Argentinian Nothofagaceae forests’ samples, from autumn of 2017, morphologically recognized as C. magellanicus were used for a phylogenetic analysis, including sequences from type material and closely related species. Our results showed that C. magellanicus represents a complex of species, with at least three phylogenetic lineages, each with strong regionalism and distinct host associations. Cortinarius magellanicus s. str. is restricted to Patagonia of Argentina and Chile. The misidentified reports from New Zealand and Australia represent distinct and different lineages. In the present contribution, the re-description of C. magellanicus is based on neotype material and two new species are proposed. Cortinarius vitreopileatus var. similissimus is described as variety from New Zealand resembling C. magellanicus, however without close phylogenetic relationship to it. The taxonomic delimitation for C. magellanicus species complex is of high relevance due to the abundance of these fungi and their ectomycorrhizal role in Nothofagaceae forests in Gondwanian region.