An enzyme preparation from a newly isolated Candida that showed a high lipase activity was subjected to examination of its reaction rate under various conditions. The original and a diluted enzyme solutions showed the zero order curve starting at the point of 50 minutes in time. When PVA was used as an emulsifyer more activity was observed than the case of gum arabic. The optimal temperature and pH were $37{sim}40^{circ}C$ and 7.0, respectively. Oleic acid as a fatty acid conferred on the enzyme an inhibitory action while calcium ion a positive one. Sodium cholate yielded an increase in reaction rate at the first stage.