A fungus, FO347-2, produced the largest amount of lipase among the microorganisms that were isolated as microorganisms capable of assimilating sardine oil as a sole carbon source; it was identified as Geotrichum sp. As FO347-2 secreted several extracellular lipases, they were purified to examine their enzymatic properties. They were purified from the culture supernatant by ammonium sulfate fractionation, ion exchange chromatography, and hydrophobic interaction chromatography. Two peaks of lipase activity were separated as Lipase I and II by ion exchange chromatography. Further, Lipases A and B were obtained from the Lipase I fraction by hydrophobic interaction chromatography. Lipases A and B were homogeneous in SDS-PAGE and their molecular weights were 62 and 58kD, respectively. The optimum pHs of Lipases A and B were both 8.5. The positional specificity was expressed as PSI. The PSI values of Lipases A and B were +47.0 and -25.7, respectively. When the concentration rate of each fatty acid hydrolyzed by Lipases A or B in sardine oil was measured, Lipases A and B hydrolyzed the ester bonds of C16:1 and C18:1 with the highest velocity, respectively.