Penicillium aurantiogriseum (P. aurantiogriseum) is a species frequently contaminates olives and other foodstuffs including cereals and their derivatives. Because of its secondary metabolites, P. aurantiogriseum is used in the food and pharmaceutical industries. The aim of this work is to study the influence of carbon source concentration on the secondary metabolites production of P. aurantiogriseum in order to fight against this species and also to improve the production of its lipases. Lipase activity was measured by the titrimetric method with olive oil as a substrate. Mycotoxins production was determined by TLC technique. Our study revealed that P. aurantiogriseum secretes three mycotoxins (terrestric acid, penicillic acid, and aurantiamine) as well as two types of lipase, namely lipases I and II. The production of penicillic acid was detected in CYA, BM, and YES media, while aurantiamine was produced only in BM medium and terrestric acid in YES. Terrestric acid production increased proportionally to the sucrose concentration in YES. However, the penicillic acid production is inversely proportional to the concentration of sucrose in YES. On the other hand, a maximum of lipase activity was obtained in the CYA* medium under agitation condition.