This paper aims to present the advances related to the biotechnological application of lipases Y. lipolytica, presenting their properties and more efficient ways to use them in different industrial applications. Waste treatment and bioremediation highlight recent studies and advances and the interest in large-scale applications in the food sector and biofuel production. The USA and China, two major world powers in industy, are of utmost importance in the search for the improvement in the development and properties of a controlled system for the large-scale production of a significant number of applications of lipase from Y. lipolytica.