Biodiesels constitute a growing class of fuel in a world that is increasingly inclined towards more ecological and sustainable energy. Despite their many advantages, biodiesels have limited cold flow properties and larger NOX emissions. These limitations are mostly attributed to the chemical compositions of biodiesels which are dictated by the chemical compositions of their feedstock oils. Accordingly, this study presents a novel approach to produce Genetically Engineered Biodiesel (GEB) whose chemical composition can be controlled by the genetic manipulation of oleaginous yeast oils for the production of designer biodiesels with improved properties and performances. Using full-factorial central composite design, the best chemical composition of an optimal biodiesel was predicted. Then, simple and combined MFE1, PEX10 and POX2 mutants of the oleaginous yeast Yarrowia lipolytica were constructed. These mutants showed interesting lipid profiles where their biodiesels are predicted to have better cold flow properties. These mutants showed also higher lipid titers by 2–3 folds compared to the parent strain. This study provides an approach for tailor designing of biodiesel properties and performances via genetic engineering. Moreover, it provides solutions potentially enabling biodiesel to be used as a standalone fuel in cold climates without any mixing with petrodiesel.