In-situ alcoholysis of soybean oil with methanol, ethanol, n-propanol, and n-butanol was investigated, as well as the extraction of the oil with these solvents, to explain the progress of in-situ alcoholysis and to determine the parameters that affect this reaction. Because methanol is a poor solvent for soybean oil, the amount of oil dissolved in methanol and converted to methyl esters was low after in-situ alcoholysis. Ethyl, propyl, and butyl esters oi soybean fatty acids could be obtained in high yields from in-situ alcoholysis of soybean oil with these alcohols. In-situ alcoholysis proceeded through dissolution and alcoholysis of triglycerides successively, and the overall reaction rate was determined by the extraction and alcoholysis rates. The parameters, affecting yield and purity of the product esters, were mainly those that favor extraction rate.