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The status of five genera recognized within subfamily Buccininae (Buccinidae) is critically re-assessed based on the molecular phylogenetic analysis of the cox-1, 16S, and 28S gene fragments. Our results suggest restoring Volutharpa P. Fischer, 1856 from synonymy of Buccinum and we also consider Plicibuccinum Golikov & Gulbin, 1977 as valid genus. New molecular data provide further support for the synonimization of Bathybuccinum Golikov & Sirenko, 1988 with Buccinum Linnaeus, 1758. Furthermore, our data demonstrate that Thysanobuccinum Golikov & Gulbin in Golikov, 1980 and Ovulatibuccinum Golikov & Sirenko, 1988 as currently construed are nested within Buccinum and their subgeneric rank is not confirmed. Therefore, we synonymize these genera with Buccinum. In the absence of molecular data the monotypic genus Corneobuccinum Golikov & Gulbin, 1977 is provisionally considered valid. Two new species, Buccinum hasegawai sp. nov. and B. bizikovi sp. nov. are described from the Kurile Islands; these species were previously erroneously identified as Bathybuccinum bombycinum (Dall, 1907) and Ovulatibuccinum ovulum (Dall, 1907), respectively. New replacement names are proposed for the secondary junior homonym Buccinum perlatum (Fraussen & Chino, 2009) and the primary junior homonyms Buccinum coronatum Golikov, 1980 and Buccinum costatum Golikov 1980.