A process for producing an optically active alcohol having a phenyl group is disclosed, comprising the step of carrying out interesterification between (a) a monoester between a racemic alcohol having a phenyl group and a fatty acid or a diester between a racemic alcohol having a phenyl group and a dibasic acid and (b) an optically inactive non-racemic alcohol having 16 or more carbon atoms in the presence of heat-resistant lipase and in the absence of a solvent under a substantially water-free condition at a temperature of not lower than 81.degree. C. under atmospheric pressure or reduced pressure and the step of separating an optically active alcohol having a phenyl group rich in either one of R- and S-forms from the reaction mixture. Use of heat-resistant lipase makes it possible to use high-melting point materials without using any solvent therefor and to perform interesterification at a high temperature thereby completing the reaction in a reduced time. Further, use of a high-melting point and high-boiling point starting material makes it possible to separate an optically active alcohol from the reaction mixture with high purity in high yield by means of a simple purification step taking advantage of a difference in physical properties.