Lipases are ubiquitous enzymes with considerable industrial potential since they have not only general advantages of biocatalysts, such as high catalytic activity, mild reaction conditions, environmental friendliness, and exquisite chemical, enantio- and regioselectivity, but also very broad substrate range and excellent stability. A number of Penicillin are good producers of lipases; some of them are already commercialized. In the past two decades, the lipases from the genus Penicillium have been studied extensively by the researchers. In this review, we presented an overview on their production, purification, biochemical properties, specificity, tolerance toward surfactants, inhibitors and organic solvents, and applications. (C) 2010 Elsevier B.V. All rights reserved.