World wheat production is now under threat due to the wheat blast outbreak in Bangladesh in early March 2016. This is a new disease in this area, indicating the higher possibility of this pathogen spreading throughout the Asia, the world’s largest wheat producing area. Occurrence of this disease caused ~3.5% reduction of the total wheat fields in Bangladesh. Its economic effect on the Bangladesh wheat market was little because wheat contributes to 3% of total cereal consumption, among which ~70% have been imported from other countries. However, as a long-term perspective, much greater losses will occur once this disease spreads to other major wheat producing areas of Bangladesh, India, and Pakistan due to the existing favorable condition for the blast pathogen. The wheat blast pathogen belongs to the Magnaporthe oryzae species complex causing blast disease on multiple hosts in the Poaceae family. Phylogenetic analysis revealed that the Bangladesh outbreak strains and the Brazil outbreak strains were the same phylogenetic lineage, suggesting that they might be migrated from Brazil to Bangladesh during the seed import. To protect wheat production of Bangladesh and its neighbors, several measures including rigorous testing of seed health, use of chemicals, crop rotation, reinforcement of quarantine procedures, and increased field monitoring should be implemented. Development of blast resistant wheat varieties should be a long-term solution and combination of different methods with partial resistant lines may suppress this disease for some time.