Soil encompasses a variable microbial community with different metabolic routes based on pH, temperature, moisture content, and nutrients composition. Herein, 50 soil samples collected from different localities were subjected to organic carbon and nitrogen determination as well as the isolation and purification of their fungal flora. Further, the oleaginous capacity of the isolated fungal species was estimated. The obtained results revealed that 62 isolates had the ability to accumulate lipids at a level more than 20% of their dry biomass under shaking conditions and 46 fungal isolates on static incubation. These isolates involved 7 isolates with high lipid content (≥ 40%) where Cunninghamella echinulata represented the highest oleaginous fungal isolate with 55.37% lipid yield, followed by Aspergillus ochraceus and A. terreus with lipid productivity of 53.78% and 48.26%, respectively. Mining for oleaginous fungi represents a promising prospect to introduce sustainable lipids and fatty acids sources available for diverse biotechnological applications.