Partial purification and bioremediation of waste water by lipase from the marine actinomycete Streptomyces variabilis NGP 3 (Accession no: (JX843530)) were carried out. The optimum incubation period, pH, temperature and agitation speed for enzyme production were fifth day (61.2 U/ml), 9.0 -9.5 (105 U/ml), 35ºC (39.4 U/ml) and 120 rpm (38.7 U/ml) respectively. Lactose (2.0 g/l) and peptone (0.6 and 0.8 g/l) proved to the best carbon and nitrogen sources respectively for lipase production. The partially purified lipase showed a specific activity of 1440.97 U/mg protein, 7.63 fold pure and yielded 3.19 per cent of protein. The enzyme activity was maximum at the pH and temperatures were 8.5 and 45ºC respectively. The molecular weight of the first and second isoenzymes was found to be 55.0 and 56.0 KDa respectively. Bioremediation of automobile effluent and slaughter house waste water were carried out by the isolated actinomycetes isolate S. variabilis NGP 3. The chemical oxygen demand (COD), total organic chloride (TOC) and fat/oil content of the effluent were analyzed. The COD and fat/oil degradation rate were increased by the simultaneous reduction of TOC in the treated effluent.