The present study underlines a statistically optimized, low cost, effective approach for efficient co-valorization of two non-efficiently utilized, highly accumulated, raw agro-industrial wastes: corn cob and glycerol for co-production of natural biopigments: monascus orange and red pigments by the aid of Monascus purpureus strain ATCC 16436. A three step sequential, statistical modeling approach: one variable at a time (OVAT), Plackett-Burman design (PBD), and central composite design (CCD) was employed to optimize the production of monascus pigments using co-solid state fermentation of the two raw agro-industrial wastes. Corn cob among other carbon sources (e.g., rice grains, sugarcane bagasse, and potato peel) was the most appropriate substrate triggering co-production of orange and red monascus pigments; deduced from OVAT. Glycerol and inoculum size proved to impose significant consequences (P<0.05) on the production of monascus pigments as inferred from PBD. The optimal levels of inoculum size (12 x 1011 spores/mL) and glycerol (2.17 M) did achieve a maximal color value of 133.77 and 108.02 color value units/mL of orange and red pigments, respectively at 30 oC after 10 days; concluded from CCD with an agitation speed of 150 rpm. Present data would underpin the large scale production of monascus pigments using the present approach for efficient exploitation of such biopigments in food, pharmaceutical and textile industries.