A lipid producing yeast was screened from leaves of Albabiscus and was identified as a Rhodotorula graminis SW 214. During the shakining incubation of 8 days at $25^{circ}C$, the yeast produced extracellular lipids of 7.3g/l of the media. The relative concentration of carbon and nitrogen sources in the media influenced the extracellular lipid production greatly. When with nitrogen sources in the media were almost exhausted for growth of the yeast the sufficient carbon sources, the lipid production proceeded vigorously. Eight days of batch cultivation with 8% glucose, 2.5g/l of yeast extract, $KH_{2}PO_{4}(1g/l);MgSO_{4};(0.2g/l)$ and pH 6 gave maximum biomass and extracellular lipid production of 8.05g/l and 8.89g/l, respectively. The acid value, saponificatio value, the iodine value, ad the unsaponifiable matter of the extracellular lipids of Rhodotorula graminis SW 214 were 2.6, 534, 5.1 and 2.4, respectively. Lipid was constituted 75.2% triglyceride, 5.9% free fatty acid, 10.8% phospholipid, 4.9% esterified sterol and 3.3% free sterol. Major fatty acids found were 3-hydroxypentadecanoate, 3-hydroxyhexadecanate, trans-9-octadecanate, cis-9-hexadecanate (hydroxy palmitic), 15-methylhexadecanate (oleic), 18-methylno-nadecanate, octadecanate (stearic) and 3-hydroxytridecante.