Two distinct lipase forms were obtained from Candida rugosa lipase by Phenyl Sepharose hydrophobic interaction and DEAE Sepharose ion exchange chromatography, L1 at 45% yield and L2 at 4.7% yield. Both purified lipases were able to catalyse esterification of 1-butanol and oleic acid and transesterification of 2-ethyl-1-hexanol and rapeseed oil. Lipase L1 gave a 98% yield for esterification over 12 h and a 99% conversion of rapeseed oil for transesterification over 24 h. The minor fraction L2 gave a 97% yield for esterification over 30 h and only a 79% conversion for trans-esterification over 24 h. The superiority of fraction L1, especially in trans-esterification, could be clearly shown by reversed phased HPLC analysis. Sodium deoxycholate treatment of the purified main lipase L1 considerably improved the initial rate in both esterification and trans-esterification.