EXHIBIT 23.1

               CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

      We consent to the incorporation by reference in the Registration
Statements (Forms S-3, Numbers 333-75380, 333-89630 and 333-104528) of Finisar
Corporation and in the related prospectuses and (Forms S-8, Numbers 333-89520,
333-65330, 333-32698 and 333-51920) pertaining to the 1989 Stock Option Plan,
the 1999 Stock Option Plan, the 1999 Employee Stock Purchase Plan, the 2001
Nonstatutory Stock Option Plan of Finisar Corporation, the Transwave Fiber, Inc.
Amended and Restated 2000 Stock Option Plan, the Medusa Technologies, Inc. 1999
Stock Option Plan, the Shomiti Systems, Inc. 1995 Stock Option Plan, the Sensors
Unlimited, Inc. Second Amended and Restated 1997 Stock Option Plan and the
Demeter Technologies, Inc. 2000 Stock Option Plan of our report dated June 3,
2003, with respect to the consolidated financial statements of Finisar
Corporation included in this Annual Report (Form 10-K) for the year ended April
30, 2003.

      Our audits also included the financial statement schedule of Finisar
Corporation listed in Item 16(a). This schedule is the responsibility of the
Company's management. Our responsibility is to express an opinion based on our
audits. In our opinion, the financial statement schedule referred to above, when
considered in relation to the basic financial statements taken as a whole,
presents fairly all material respects the information set forth therein.

Palo Alto, California                                      /s/ ERNST & YOUNG LLP
July 29, 2003