Abstract: The aim of present study to reveal some rare facts about the indigenous lipolytic mold Rhizopus oryzae KG-10. Indigenous hyper-lipolytic mold Rhizopus oryzae KG-10 was isolated from decaying bread and vegetable samples in Jharkhand, India for the first time and was tested for its ability to produce lipase. The fungus when grown on a modified lipase assay media containing peptone and tween 20 at 37°C for 7 days produced 42 IU mL-1 of Lipase (EC 3.1.1.3). The specific activity of Rhizopus oryzae KG-10 lipase was found to be 300 IU mg-1 of total protein. The enzyme was found to be active over a broad range of temperature and pH with 37°C as optimum temperature for enzyme activity. The fungus was also screened for its ability to produce lipase on three different lipolytic substrates. It produced 37.33 IU mL-1 of lipase on Tween 20 followed by 33.33 IU mL-1 on low value olive oil emulsion and 18.67 IU mL-1 on locally made coconut oil.