The production of lipase by Candida rugosa growing on media with various carbon and nitrogen sources was studied. While high yields of enzyme activity (5.58 U m$L^{-1}$) were obtained with yeast extract and proteose-peptone in the medium with olive oil, the minimum lipase activity (2.81 U m$L^{-1)$) was observed with tryptone and lactose. In the absence of olive oil, the media with proteose peptone and glucose gave the maximum enzyme activity (2.21 U m$L^{-1}$). The best results in the production of lipase were obtained with the use of olive oil as the carbon source in the presence of nitrogen sources. Biomass concentration was also high in the presence of olive oil. Biomass concentration ranged from 1.76 to 2.05 mg m$L^{-1}$) and 0.09 to 0.23 mg m$L^{-1}$ in the medium with and without olive oil, respectively. Both lipase activity and lipase specific activity were higher in bran than in soyflour and cheese whey. Among the industrial by-products, bran was determined to be an efficient medium for the production of lipase.