The present study reviews the potentiality of Rhizopus oryzae, a potent saprophytic and pathogenic fungus to produce a wide spectrum of metabolites, in the form of enzymes, esters, organic acids, volatile materials, polymers and bioalcohols. A number of extra and intra cellular enzymes are found to be synthesized by various strains of Rhizopus oryzae that includes cellulaes, hemicellulases, pectinases, tannase, phytase, amylase, lipase, protease and other enzymes of immense industrial importance. The fungus is a rich source of lactic acid and is widely studied as a commercially perspective producer of L(+)-LA. In many strains, the end product of glycolysis is channeled to ethanol by the enzyme pyruvate decarboxylase and therefore may be used for the production of alcohol. Biodiesel can also be produced by methanolysis and transesterification reactions employing specific strains of R. oryzae having the relevant enzymes. Dry mycelium of Rhizopus oryzae are proved effective for efficiently catalyzing the synthesis of different flavor esters. Since the Joint FAO/WHO expert committee on food Additives (JEFCA) and Food and Drug Administration, Department of Health and Human Services, USA certified the enzymes extracted from Rhizopus oryzae may be used as food additives for human consumption, this fungal group may be exhaustively used for commercial purposes.