Oleaginous filamentous fungi grown under the nitrogen limitation, accumulate high amounts of lipids in the form of triacylglycerides (TAGs) with fatty acid profiles similar to plant and fish oils. In this study, we investigate the effect of six phosphorus source concentrations combined with two types of nitrogen substrate (yeast extract and ammonium sulphate), on the biomass formation, lipid production, and fatty acid profile for nine oleaginousMucoromycotafungi. The analysis of fatty acid profiles was performed by gas chromatography with flame ionization detector (GC-FID) and the lipid yield was estimated gravimetrically. Yeast extract could be used as both nitrogen and phosphorus source, without additional inorganic phosphorus supplementation. The use of inorganic nitrogen source (ammonium sulphate) requires strain-specific optimization of phosphorus source amount to obtain optimal lipid production regarding quantity and fatty acid profiles. Lipid production was decreased in ammonium sulphate-based media when phosphorus source was limited in all strains except forRhizopus stolonifer.High phosphorus source concentration inhibited the growth ofMortierellafungi. The biomass (22 g/L) and lipid (14 g/L) yield ofUmbelopsis vinaceawas the highest among all the tested strains.