Microbes have been novel hosts for suitable industrial enzymes including lipases. With the rapid increase in biotechnological industries, there is need for improvement of bioproducts, enhance environmental safety and product yield. Microbes are qualified biological arsenal for the achievement of the above mentioned targets in the industrial sectors. Lipases as versatile biological catalyst has given a promising prospect in meeting the needs for most industries such as biodiesel, foods and drinks, leather, textile, detergents, pharmaceuticals and medicals. Catalytic importance of lipases includes hydrolysis, esterification and transesterification. Each of the mentioned reactions has their industrial applications. Lipases exhibit various properties, with respect to its source. Immobilization has made the use of microbial lipases attain its optimum performance and hence suitable for various reaction and the need to add flavor to the immobilization processes.