Lipidized fibrous histiocytoma is a rare variant of dermatofibroma. The tumor preferentially affects the lower limb, especially around the ankle. Clinically, it presents as a solitary exophytic yellow nodule usually larger than the common variant. Histologically, it is characterized by an accumulation of numerous foamy cells dissected by distinctive hyalinized wiry collagen fibers which are observed in more than 75% of the area of each tumor. Herein, we report a rare case of lipidized fibrous histiocytoma. A 57-year-old male presented with a solitary tumor on the left ankle. The nodule had been noticed 20 years earlier and since then had grown gradually. Clinical examination revealed erythematous to brownish, well-circumscribed firm tumor. Laboratory tests revealed no abnormality except hypercholesterolemia. Histopathological finding shows foamy cells and histiocytes surrounded by hyalinized collagen bundles. Stromal hyalinization was remarkable, which was observed in more than 80% of the area in the tumor. Immunohistochemically, spindle cells lacked the expression of CD34. These histopathologic findings led to the diagnosis of lipidized fibrous histiocytoma. No recurrence has been observed after the excision. To our knowledge, this is the second reported case of lipidized fibrous histiocytoma in Korea.