A process for the continuous transesterification of C.sub.6 -C.sub.22 fatty acid lower alkyl esters, particularly methyl esters, with polyhydric C.sub.2 -C.sub.5 alcohols, particularly glycerol, in a reaction column comprising a rectifying and reaction section, alkaline catalysts and polyhydric alcohol are introduced into the upper part of the reaction column and boiling fatty acid methyl ester is introduced into the middle part of the reaction column. The product collected in the sump of the column is removed, heated and returned to the lower part of the reaction column. Product is removed from the sump. Lower alkanols passing from the reaction column section to the rectifying section are rectified. The reaction column is operated in boiling equilibrium in its lower part and predominantly in an absorption/desorption equilibrium in its upper part.