Abstract: Lipases (triacylglycerol acylhydrolases, E.C. 3.1.1.3) are a class of hydrolases that catalyze both, hydrolysis and synthesis of esters which are formed from glycerol and long-chain fatty acids. Lipases are potential enzymes which are used extensively in a wide range of industrial applications. The production, biochemical properties and application potentials of the extra-and intra-cellular lipases obtained from Rhizopus fungi have been studied by various researchers. Research efforts are being directed towards obtaining high enzyme yields of both intracellular and extracellular lipases from Rhizopus by optimizing production or through genetic engineering and in purifying these lipases to elucidate structure, properties and potential applications. Lipases from the Rhizopus genus have been found to have enantioselectivities suitable for resolution of various compounds which have potential in the synthesis of pharmaceuticals, cosmetics, agrochemicals and other products. More attention is being paid to Rhizopus lipases for their strong 1,3-position specificity making them especially suitable for lipid modifications. Rhizopus lipases either as whole cell biocatalyst or as the purified form of lipase have great potential for biodiesel production from waste oils which is an ever-expanding industrial field. Some of the purified lipases of this genus exhibit thermostability and good stability in organic solvents which therefore have a great potential in the biocatalysis industry.