Abstract: Microbial lipases (triacylglycerol acyl-hydrolases, EC 3.1.1.3) catalyze both the hydrolysis and synthesis of long-chain acylglycerols. They are currently given much attention with the rapid development of enzyme technology. The chemo-, regio- and enantio-specific characteristics of lipase tends to be a focus research area for scientists and industrialists. Compared to plants and animals, microorganisms have been found to produce high yields of lipases. This review describes various industrial applications of microbial lipases in the area of food industry, oil and fat industry, detergent industry, pulp and paper industry, leather industry, textile industry, in organic synthesis, production of cosmetics and biodiesel production. This makes lipases the most widely used class of enzymes in different industrial activities through the application of bioprocess technology. The aim of this review is not to discuss every lipase described in the literature but rather to present recent information on the production, characterization and industrial application of lipases in our daily activities in order to improve our life styles.