Lipolytic characteristics of candia cylindracea lipase was studied by various triacylglycerols with different fatty acyl chains as substrate. The substrate was emulsified with gum arabic and the rate of hydrolysis was determined by pH stat method. The effects of gum concentration, pH, temperature, and $Ca^{2+}$ ion on the enzyme activities were examined. The results show that the effect of these factors are markedly depending on the structurla nature of substrates. The triolein was the best substrate among tested. Present study demonstrates that for characterization of lipolytic enzymes, it is critically important to select proper substrate and activator.r.