This paper presents a review of studies related with the production of specialty lipids by the yeast Yarrowia lipolytica during growth on various fatty agro-industrial residues utilized as substrates. In a first approach, the potential for growth on stearin (a low-cost industrial derivative of tallow composed of saturated free fatty acids) was assessed; significant biomass production was obtained, accompanied by notable intracellular accumulation of lipid which occurred as a primary anabolic activity regardless of the extracellular nitrogen availability in the medium. Y. lipolytica consumed its own storage lipids in the stationary growth phase. The secretion of extracellular lipase in non-negligible quantities was also observed in cultures performed on stearin. Although Y. lipolytica tended to increase the intracellular level of stearic acid, its reserve lipid could be used as a cocoa butter substitute, provided that an oleic acid donor, such as chemically hydrolyzed rapeseed oil, is used as co-substrate together with stearin. Accordingly, predetermined lipids with composition similarities to cocoa butter were synthesized using low-cost substrates. Other strategies related with the production of microbial cocoa butter substitutes are also presented and comprehensively discussed.