Zygomycetes, particularly oleaginous fungi, are very capable of producing enormous amounts of lipids that are rich in poly-unsaturated fatty acids (PUFAs), which are crucial for medicine. Rhizopus oryzae Mekky1907 was the most abundant of the twelve oleaginous fungal isolates from Horse dung as environmental samples and examined for lipid accumulation. By using morphological analysis and molecular confirmation using 18S rRNA sequencing, the isolate's species identity was established and recorded on gene bank under accession number PQ182608. In order to enhance lipid accumulation, the culture conditions were improved, R. oryzae Mekky1907 showed the highest lipid production in the presence of 100g/L sucrose and 10 g/L yeast extract at pH, 5 after five days of incubation at 30°C under static conditions. Solid state fermentation medium was made: A 5-liter flask was filled with 40g of dry bagasse and rice straw as inexpensive carbon sources, mixture evenly moistened at a 60% level using sterile distilled water and peptone (5 g/L), autoclaved after cooling, spores added with known concentration, pH 5, temp. 15°C – 20°C and incubated for 5 days R. oryzae Mekky1907 showed lipid production (dray biomass 4.23 g/L giving lipid content 2.92 g/L Equivalently 69.03 %). The experiments demonstrated the effectiveness of PUFAs, an anti-cancer, antioxidant, and anti-inflammatory agents. R. oryzae Mekky1907 is therefore thought to be a promising oleaginous filamentous fungus that can be used in factories to produce PUFAs from agricultural waste for use in medicine.