Nowadays, the growing interest in microbial lipase production by using the cheapest sources of carbon source, and its potential applications in biotechnological field has shown a remarkable place of prominence among the enzymes, owing to their significant ability to catalyze a wide variety of reactions in aqueous and non aqueous media. The purpose of this study was to enhance the production of lipase by Mucor geophillus in submerged culture condition, using molasses mineral medium as a low cost substrate and to increase the economical feasibility attractiveness. M. geophillus lipase was also assessed and characterized on the basis of some kinetic parameters. M. geophillus secreted higher yield of lipase at approximately 44.56 U.ml -1 at 72 h cultivation time. The optimal assay conditions were found at 60 min incubation of 2.0 and 8% enzyme and substrate concentration, respectively. However, lipase was active at 35°C and pH 6.5, but enzyme was found to be stable at about 70°C. From the range of pH 4.0 to 8.0, KCl enhanced the lipase activity, and had higher specific lipase activity towards the olive oil than other substrates. Key words : Lipase, Mucor geophillus , submerged fermentation, characterization.