Although understanding mutualism stability has advanced over the last few decades, two fundamental problems still remain in explaining how mutualisms maintain stable. (i) How does resolve conflict between mutualists over resources? (ii) In the presence of less cooperative and/or uncooperative symbionts, how does prevent symbiont populations from becoming dominated by uncooperative individuals? Many past explanations of mutualism stability have assumed that interactions between mutualists are symmetrical. However, in most mutualisms, interactions between hosts and symbionts show varying degrees of asymmetry at different levels. Here, we review three major types of asymmetric interactions within obligate mutualisms: (i) asymmetric payoffs, which is also defined as individual power differences, (ii) asymmetric potential rates of evolutionary change, and (iii) asymmetric information states between hosts and symbionts. We suggest that these asymmetries between mutualists help explain why cooperation and conflict are inherent in the evolution of mutualisms, and why both hosts and symbionts present diversified phenotypes while cooperation predominates.