Lovastatin (C24H36O5) is a fungal secondary metabolite that inhibits conversion of 3-hydroxy-3-methylglutaryl coenzyme A (HMG CoA) to mevalonate in cholesterol biosynthesis. Lovastatin producing fungus Aspergillus terreus was grown in Solid State Fermentation (SSF) with various agro based wastes and in Submerged Fermentation (SmF) to evaluate the suitable growth medium for maximum production of lovastatin. Eighty three agro based substrates and six different types of SmF media were used for the production. Wheat bran and sprouted wheat were suitable substrates for lovastatin production yielding1.00 mg/G DWS and 1.311 mg/DWS of lovastatin, respectively. None of the SmF medium was found to be suitable for lovastatin production, although all media supported growth of the fungus.