Phospholipase A1 (PLA1) is a member of the hydrolase family with applications in various fields, especially in the food industry. A calcium-independent PLA1 from Streptomyces albidoflavus was expressed in E. coli BL21 (DE3) in this study. The results indicated that the soluble expression of PLA1 was at low level, which was possibly due to the toxicity of PLA1 to the host. In contrast, the expression of the enzyme as inclusion bodies exhibited a high-level expression and 0.3 mg inclusion bodies protein could be derived from 1 mL culture medium. Furthermore, the renaturation of PLA1 was achieved through a direct dilution method, yielding 29.6 U/mL PLA1 activity after 16 h of renaturation at 4 °C. For improving the efficiency of the dilution refolding process, a continuous refolding strategy was established, and 155 U/mL PLA1 activity was derived from the continuous refolding process. With soybean lecithin as the substrate, the specific activity of purified renatured PLA1 was 1380 U/mg and the optimal temperature and pH was found to be 60 °C and 6.5. In addition, the renatured PLA1 was observed with better activity towards phosphatidyl inositol, whilst lipase activity was detected when the catalyzing temperature was below 55 °C. Overall, this study provides a possible solution to obtain calcium-independent PLA1 with high yield by heterologous expression in E. coli and hence to promote its further application in the field of food industry.