The present invention relates to processes for preparing a compound of Formula I: or a pharmaceutically acceptable salt or solvate thereof. These compounds and pharmaceutical compositions are useful as FXR or TGR5 modulators. Specifically, the present invention relates to bile acid derivatives and methods for their preparation and use.The present invention relates to a process for the preparation of a compound (II) and its salts and derivatives which are useful intermediates in the synthesis of biologically active molecules, especially in the synthesis of FXR and TGR5 modulators. The present invention also relates to a process for the preparation of a compound (III) and its diethylamine salt.