During the last few decades, water pollution has become a growing concern at international level. To date, only a few Candida parapsilosis strains were successfully used in environmental remediation. In the present article, the strain C. parapsilosis CMGB-YT was studied for its ability to assimilate hydrophobic substrates and to produce biosurfactants with antimicrobial activity and positive effects on heavy metal removal from contaminated wastewaters. The strain C. parapsilosis CMGB-YT was grown on yeast peptone (YP) media with 1% n-decane, n-dodecane, n-tetradecane, n-hexadecane, as well as commercial sunflower and olive oils. The production of the biosurfactant was evaluated using the emulsification index (E24%). The surface properties and emulsifying stability of the biosurfactant were determined. The effect of the biosurfactant on the cell growth of two strains of Rhodotorula mucilaginosa and on their removal capacity of lead (0.032 g/L) and cadmium (0.030 g/L) ions from synthetic wastewater were also studied. The antimicrobial potential of 20 mg/mL and 40 mg/mL biosurfactant was established in the presence of pathogenic Candida krusei strains. C. parapsilosis CMGB-YT assimilated n-hexadecane with good rates over 216 h and produced an anionic glycolipidic biosurfactant with stable E24% towards long-chain carbon compounds at different temperatures, with an alkaline pH and high salinity (10% NaCl). The biosurfactant reduced the surface tension to 53.58 ± 0.42 mN/m, while the critical micellar concentration (CMC) was reached at 4.2% biosurfactant. The crude biosurfactant (5%) enhanced R. mucilaginosa growth in heavy metal-contaminated wastewater, increased chemical oxygen demand (COD) removal of up to 80%, and improved Cd2+ removal by 10%. Additionally, the concentrated biosurfactant effectively prevented Candida krusei biofilm formation. In conclusion, the biosurfactant produced by C. parapsilosis CMGB-YT demonstrates promising potential for the efficient treatment of wastewater contaminated with heavy metals and microbial pathogens.