The fire broke out shortly after 10pm last night in Windygates.
Officers from Police Scotland’s Fife Division are now looking into the cause of the fire along with the Scottish Fire and Rescue Service (SFRS).
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A Police Scotland spokesperson said: “Police in Fife were called to assist the Scottish Fire and Rescue Service at a fire at an address in the Milton Road area of Windygates at around 10.10pm on Thursday, March 7.
“Hay bales and farm machinery valued at approximately £70,000 were damaged or destroyed as a result of the blaze.
“A joint investigation into the cause of the fire is currently ongoing with the Scottish Fire and Rescue Service.”
The A911 was closed to allow access for SFRS.
A fire service spokeswoman said: “The Scottish Fire and Rescue Service was alerted at 10.04pm on Thursday, March 7 to reports of a fire at a farm in Windygates, Fife.
“Operations Control mobilised three fire engines to Bankhead farm where firefighters extinguished the fire involving a large quantity of straw and tyres.
“Crews worked through the night dampening down and checking for hotspots and thereafter left the scene at 7.28am this morning after ensuring the area was made safe.”
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