Free fatty acid (FFA), monoacylglycerol (MG) and diacylglycerol (DG) in high-FFA rice bran oil were continuously converted with glycerol (G) to form triacylglycerol (TG), using lipase from Rhizomucor miehei immobilized on anion-exchange resin. The reaction was continued for more than 1 month by a reactor with two circulation loops, each being connected to a fixed-bed reactor and a dehydrator. The reaction of 2 FFA+G --> DG+2H(2)O appeared to occur until the glycerol was exhausted; the reaction of FFA+DG --> TG+H2O then followed. The consecutive esterification continued in the presence of 2-8 ppm water and the TG content reached 74%-88%. The industrial feasibility of this process was assessed from the standpoints of enzyme cost and value added by esterification.