The successful production of a biosurfactant is dependent on the development of processes using low cost raw materials. In the present work, an economically attractive medium composed of corn steep liquor and waste cooking oil was formulated to maximize the production of bioemulsifier by Mucor circinelloides UCP0001. A central rotational composite design was applied to statistical validation of the production. The emulsifying properties, stability under extreme conditions, its toxicity character, and the characterization of the bioemulsifier were determined. The best condition for biomolecule synthesis occurred in the assay 2 containing 4% of corn steep liquor and 3% waste soybean oil and exhibited 100% emulsification index for canola oil and petroleum, as well as excellent emulsifying activity for canola oil and burned engine oil. The nutritional factors studied showed statistical relevance, since all linear, quadratic effects and their interactions were significant. The bioemulsifier showed 2.69 g/L yield and the chemical character of the molecule structure was identified by FT-IR (Fourier Transform Infrared) spectroscopy. The bioemulsifier showed no toxicity to Artemia salina and Chlorella vulgaris. Stable emulsions were obtained under extreme conditions of temperature, pH, and salinity. These findings contribute to understanding of the relationship between production, physical properties, chemical composition, and stability of bioemulsifier for their potential applications in biotechnology, such as bioremediation of hydrocarbon-contaminated soil and water.