Diclosed is a lanolin-like synthetic oil produced by esterification of glycerol with a branched fatty acid having 6 to 14 carbon atoms, a linear fatty acid having 15 to 28 carbon atoms and a dibasic acid having 4 to 10 carbon atoms while all the following conditions (a) to (c) are satisfied:(a) molar ratio of the branched fatty acid to the linear fatty acid ranges from 1.7 to 2.3,(b) 0.7 to 0.8 mol of the dibasic acid is used per mol of glycerol, and(c) the number of remaining hydroxyl group ranges from 0.4 to 0.6 for three hydroxyl groups of glycerol.The synthetic ester oil has a color, smell and stability superior to those of lanolin and an adherability, spreadability, gloss and touch very similar to those of lanolin. Such an oil can be suitably incorporated into cosmetics, toiletries and external preparations to overcome the defects of lanolin and also to exhibit the characteristic features of the oil.