The oleaginous yeastLipomyces starkeyiis an excellent sustainable lipid producer, which can convert industrial wastes into lipids and accumulate triacylglycerols (TAG) by > 70% of its dry cell weight. Recent studies using omics technologies applied inL. starkeyihave aided in obtaining greater understanding of the important mechanisms of lipid metabolism inL. starkeyi. Therefore, the development of genetic engineering tools forL. starkeyihas led to accelerated efforts for a highly efficient production of lipids. This review focuses on the aspects of TAG and fatty acid synthesis pathways inL. starkeyi. We also present a quite effective strategy to obtainL. starkeyimutants accumulating a larger amount of lipids and having a higher lipid production rate than the wild-type strain. The analysis of these mutants exhibiting high lipid production has led to the identification of important genes for achieving highly effective lipid production and thus advanced improvement in lipid production. Herein, our aim was to provide useful information to advance the development ofL. starkeyias a cost-effective TAG feedstock.Key Points center dot Oleaginous yeast Lipomyces starkeyi is an excellent sustainable lipid producer.center dot Efficient isolation of lipid-enriched L. starkeyi mutants depends on the low density of lipids.center dot Increased acyl-CoA synthesis pathway is important for improving lipid productivity.