Monascus species has been used as the traditional food fungus in Eastern Asia for several centuries. Monascus-fermented products are gradually developed as the popular functional food for the prevention of cardiovascular disease, but we know that culture condition affects the hypolipidemic effect of Monascus-fermented product. In the past, the cholesterol-lowering agent--monacolin K--is regarded as the most important hypolipidemic agent. Two natural yellow pigments--monascin and ankaflavin--are also proven as novel hypolipidemic agents in recent years. However, the hypolipidemic effect of Monascus-fermented product should contribute from monacolin K, monascin, ankaflavin, and other unknown functional ingredients. In addition to hypolipidemic effect, the safety concern of Monascus-fermented product is involved in the levels of mycotoxin--citrinin. The hypolipidemic effect and the production of these functional metabolites or mycotoxin are influenced by many factors such as the choice of culture substrates, carbon and nitrogen source, pH value, extra nutrients, and so on. Therefore, this review focused on the effect of various culture conditions and nutrients on the functional metabolites production, hypolipidemic effect as well as citrinin concentration, and further organized the fermentation technologies used by previous studies for the promotion of hypolipidemic effect and safety.