Microemulsions composed of olive oil, either extravirgin (EVOO) or refined (ROO), as the continuous oil phase, water as the dispersed phase, and a mixture of lecithin-propanol as the emulsifier were prepared and investigated as potential biocompatible media for biotransformations. The area of the microemulsion zone increased considerably by increasing the lecithin to propanol weight ratio in both EVOO- and ROO-based systems. However, the nature of the oil used does not seem to affect the ability of the system to incorporate water. The catalytic activities of two oxidizing enzymes that have been detected in virgin olive oil, namely, tyrosinase and peroxidase, and the activity of a proteolytic enzyme such as trypsin were studied in olive oil microemulsions. In all cases a reduced catalytic activity was observed when ROO was considered as the continuous oil phase. The interfacial properties of lecithin layers were studied by electron paramagnetic resonance spectroscopy employing the nitroxide spin probe 5-doxylstearic acid. By varying the weight ratio of lecithin to propanol and the water content of the microemulsions, the mobility of the probe and the rigidity of the interface were altered. Droplet sizes were measured by dynamic light scattering. At higher water content of the system the size of the droplets was increased. When EVOO was considered as the oil phase, smaller aqueous droplets were formed. Lecithin-based olive oil microemulsions were also characterized with regard to the phenomenon of electrical percolation. At a water content above 3% (w/w) and a lecithin/propanol weight ratio of 2, a sharp increase in conductivity was observed, indicating a structural transition in the bicontinuous form.