Cunninghamella sp. was isolated from Leaf Litter samples and partial identification was done by using the morphological characteristics. Production medium optimization studies were carried out in submerged fermentation and 4 different media compositions were designed among these CP03 showed high yield. Different parameters like pH, Residual sugar estimation, Dry cell weight, Oil content and harvesting time were evaluated. CP03 media showed highest dry cell weight (17.3 g/L) and Oil content (1.77g/L at 96 Hrs) followed by CP01 with 12.36 g/L of dry cell weight and 1.38 g/L of Oil content at 96 Hrs. Qualitative estimation for the extracted γ- Linolenic acid was done by using Gas chromatography and the results showed 12.9894% for the γ- Linolenic acid extracted from CP03 media & 12.5145% for γ- Linolenic acid extracted from CP01 media.