A novel fungal strain Aspergillus sp. L117 that produced acid-stable and thermostable phytase was isolated on basis of the clearing zone on PSM plate and the ability of Na-phytate hydrolysis. The phytase of isolate showed a 3-fold higher activity than that of A. ficuun NRRL3135. The Aspergillus sp. L117 produced maximal level of phytase at initial pH of 5.0 and $30^{circ}C$. The optimal pH and temperature for phytase activity were 5.5 and $50^{circ}C$, respectively. The phytase showed totally stable activity after 20 min of exposure between 30 and $90^{circ}C$, and even at $100^{circ}C$. The highest level of residual phytase activity was obtained at pH 5.5, and still retained the stability at the broadest pH ranges (2.0 to 7.0) of all the aforementioned phytases. Storage stability of phytase was preserved over 96% of initial activities for 60 days at 4, -20, and $-70^{circ}C$ and to retain even 70% of the initial activity at room temperature.