The development of many industries, including food industry, is inherently connected with the rise in the amount of industry waste and the emergence of problems in the areas of their utilization. Due to the rich enzyme apparatus, microorganisms are able to use atypical wastes as a source of carbon and energy with the simultaneous synthesis of valuable metabolites (valorization of waste substrates). A microorganisms characterized by peculiar properties of the use of hydrocarbons and fats is the lipolytic yeast species Yarrowia lipolytica. The aim of the study was to evaluate the potential to utilize the fish waste after the process of smoking fish oil as a source of carbon and a lipase inducer in Y. lipolytica KKP 379 yeast strain culture as well as to evaluate the potential of microbial oil synthesis with simultaneous valorization of this waste. The obtained results confirmed the ability of the yeast strain to hydrolyze triacylglycerols contained in the oil from the fish smoking process, whose products (free fatty acids) were taken up by the cell and used as a source of carbon and energy. Although the highest efficiency of intracellular lipid biosynthesis by yeast strain Y. lipolytica KKP 379 was observed in control mineral medium supplemented with 50 g·dm^–3 olive oil, storage lipids were also produced in the medium with 5% waste fish oil in amount of 0.187 g per 1 g of dry biomass.