Lovastatin is the first FDA-approved antihypercholesterolemic drug for the treatment of cardiovascular diseases. Monascus purpureus is one of the safest molds for the production of lovastatin that has been used in the preparation of Chinese medicine Red-yeast rice. This investigation dealt with the effect of both static and dynamic culture conditions on the morphological change and localization of lovastatin in Monascus purpureus. In dynamic culture condition, pellet morphology was observed and the maximum intra-A nd extra-cellular components of lovastatin including both ?-hydroxy acid and lactone forms were 1043.45 and 207.94 ?g/l, respectively. Filamentous (mat) form of morphology was observed in the static culture condition and the intra-A nd extracellular concentration of lovastatin were 677.9 and 789.2 ?g/l, respectively. Taguchi's L12 (112) orthogonal arrays was employed to find the optimal conditions for the submerged production of lovastatin and for the growth of Monascus purpureus. Three physical and five chemical variables were considered in the current experimental study. The maximum production of lovastatin was observed to be 3.66 mg/l. Among the chemical parameters, MnSO4 and MgSO4 were the most significant parameters for the production of lovastatin. Physical parameters, viz., agitation rate and temperature, were also equally significant for the production of lovastatin. Ammonium chloride was the most significant parameter among the variables studied for the growth of Monascus purpureus, followed by glucose and phosphorous sources (KH2PO4). Statistical analysis showed that those parameters were significant with more than 99 % confidence (p<0.01). © 2018 OMICS International. All rights reserved.