The relative activity of a lipase from Candida valida Z6 was studied in hydrolysis of simple esters, fatty acid glycerides and lipidse. For the hydrolysis of corn oil and soybean oil by the lipase, the optimum hydrolysis conditions were: pH value 7.5, temperature 45 ℃, hydrolysis time 21 h, oil/water ratio 1/10, emulsifying agent content of 4%(oil) and Ca2+ concentration of 75 mmol/L. The enzyme kinetics analysis revealed that the Km and Vmax were 12.25×10-3 mol/L and 11.14 µmol/min, respectively.