Cytokinesis is essential for the survival of all organisms. It requires concerted functions of cell signaling, force production, exocytosis, and extracellular matrix remodeling. Due to the conservation in core components and mechanisms between fungal and animal cells, the budding yeast Saccharomyces cerevisiae has served as an attractive model for studying this fundamental process. In this review, we discuss the mechanics and regulation of distinct events of cytokinesis in budding yeast, including the assembly, constriction, and disassembly of the actomyosin ring, septum formation, abscission, and their spatiotemporal coordination. We also highlight the key concepts and questions that are common to animal and fungal cytokinesis.