In this study Monascus strains were screened for lovastatin production. These strains namely Monascus purpureus, Monascus sanguineus and their co-culture were able to produce lovastatin in solid state fermentation. Sensitivity of lovastatin was tested on Saccharomycess cerevaceae and Candida sp. where the former exhibited large zone of inhibition as compared to the latter. Presence of lovastatin was confirmed by thin layer chromatography (TLC) and high performance liquid chromatography (HPLC). Quantification of lovastatin was done with UV spectrometer at 238 nm. Further, Plackett-Burman methodology was applied for screening of nutrients for lovastatin production. Different substrates were screened and amongst them, wheat bran was found to be the best substrate for lovastatin synthesis. Seven nutrients were screened according to the Plackett-Burman design for lovastatin yield. MgSO4.7H2O showed the positive impact on lovastatin yield whereas lactose showed the maximum negative effect with M. purpureus. For M. sanguineus, CaCl2.2H2O displayed the dominant negative effect and soybean the significant positive. With co-culture, the effect of lactose was positive whereas that of malt extract was negative and dominant. The maximum lovastatin yield for M. sanguineus, M. purpureus and co-culture was estimated to be 0.402, 0.27 and 0.26 mg/g respectively.