The project was designed to check the oleaginous potential of selected yeast strains using agro industrial waste rich in fermentable sugars. For this purpose different sites of local fruit and vegetable market, Lahore and milk waste disposal sites’ waste soil samples rich in organic contents were selected to isolate the potential oleaginous yeast strains. All the soil samples were aseptically transferred to sterilized sampling jars and were transported to Microbial Biotechnology lab, Department of Zoology, University of the Punjab, Lahore for further processing. The potential oleaginous yeast isolates were grown on different lignocellullosic agro industrial wastes and optimized for maximum lipids production.