We found a novel lipase gene in the Paenibacillus pasadenensis CS0611 strain. The lipase gene sequence was cloned into the pET-28a expression vector to construct a recombinant lipase protein containing 6 × His tags at the C- and N-termini, respectively. High-level expression of the lipase in E.coli BL21 (DE3) was obtained upon induction with IPTG at 20 °C. The recombinant lipase activity was approximately 1631-fold higher than the wild type. His-tagged recombinant lipase was purified rapidly and efficiently by using Ni-charged affinity chromatography with 63.5% recovery and a purification factor of 10.78. The purified lipase was stable in a broad range of temperatures and pH values, with the optimal temperature and pH being 50 °C and 7.0, respectively. Its activity was stimulated to different degrees in the presence of metal ions such as Ca2+, Mg2+, and some non-ionic surfactants. In addition, the purified lipase was activated by a series of water-miscible organic solvents such as some short carbon chain alcohols and was highly tolerant to some water-immiscible organic solvents.