The goal of this study was to increase the cost-effectiveness of oil production by an oleaginous and lipolytic strain M. circinelloides IBT-83, by optimizing both lipids accumulation in the mycelium containing intracellular lipases, and a one-step process coupling lipids extraction and enzymatic trans/esterification. In optimal conditions (culture medium composed of corn steep solids, plant oil, glucose and NO3-) over 50g(d.w)/dm(3) of biomass containing over 60% of lipids was produced. The lipids extracted with acetone or petroleum ether contain free fatty acids and triacylglycerols. The supplementation of the second solvent with alcohol results in enzymatic trans/esterification of lipids with the yield of over 80% of esters in 1 h. To our knowledge, this is the first suggestion to convert fungal oils into esters during their extraction using intracellular lipases contained in the same fungus. What is important, it is possible to obtain a second product, lipase preparation, in this process.