Abstract <p>Lipases have evolved from simple lipid-degrading enzymes into some of the most versatile biocatalysts known today. They not only hydrolyse fats at water-lipid interfaces but also catalyse a variety of reactions such as esterification, transesterification, and interesterification, in solvent-rich environments. This dual functionality has positioned lipases at the forefront of industrial biotechnology, where demand for sustainable, efficient, and selective catalysts continues to grow. Although lipases are found in plants, animals, and microorganisms, microbial lipases stand out for their broad substrate range and exceptional stability under diverse conditions, making them indispensable catalysts in industries spanning food, pharmaceuticals, detergents, and biofuels. Additionally, the rise of immobilization strategies has further increased their impact due to development of enzymes that are not only more robust but also have extended operational lifetimes, and lower process costs by enabling repeated use. This review provides an updated compilation of recent findings, highlighting promising lipase sources with substantial industrial potential and examining how advanced immobilization strategies facilitate their widespread application in various sectors.</p>