Background and Objective: Microbial lipid production has attracted the attention of researchers for several reasons − inexpensive substrates, a valuable fatty acids content, and rapid growth of microorganisms. In this study, the efficiency of total lipid and fatty acids production by Mucor hiemalis PTCC 5292 using a carbohydrate source and oil wastes was compared.Material and Method: Spores of Mucor hiemalis (n=1×107) were inoculated in 50 ml of culture media in the presence of one of three carbon sources, namely, glucose, chicken oil waste, or fish oil waste, and cultivated at 28°C for 72h. The media included medium A containing exclusively a carbon and a nitrogen source and medium B containing a more limited nitrogen source than medium A. The fatty acid profiles of the lipids produced were determined by gas chromatography.Results: The yield of lipid production was 33%, 66% and 68% in the glucose, chicken oil waste and fish oil waste, respectively, in medium B. The yield was higher than that in medium A because the limitation of nitrogen source in medium B would cause microorganism to reach the production phase in the logarithmic phase of growth more quickly. In addition, in medium B fatty acids, such as, for example, linoleic acid, were produced with glucose as the carbon source.Discussion and Conclusion: The findings show that using oil wastes, which are easily accessible and less expensive, could increase lipid production by Mucor hiemalis. Another advantage is production of valuable microbial lipids with a high essential unsaturated fatty acid content which has wide applications in the food industry. Furthermore, the data show that limitation of the nitrogen source has a significant effect on the production of microbial lipid by this fungus.