Immobilized lipases are prepared containing lipase bound to a dry, porous particulate hydrophobic support having an average pore size of 0.05-5 .mu.m. Preparation is carried out by contacting the hydrophobic support with an aqueous solution of the lipase and with a non-ionic surfactant containing at least one fatty acid and having an HLB-value of at least 8 to provide a supported lipase, washing the supported lipase and drying the washed supported lipase to obtain the immobilized lipase. The lipase may be obtained from Candida Antarctica .beta., Rhizomucor miehei,Humicolo or Candida Rosa, and be a lipase specific for esterification of fatty acids with alcohol, 1,3-specific or randomizing transesterification lipase or lipase specific for the hydrolysis of partial glycerides, esters or triglycerides. The surfactant may be present in the aqueous solution of lipase in a concentration of 0.01-10 wt. %, and preferred surfactants are a polyoxyethylene sorbitan fatty acid ester and a polyglycerol fatty acid ester. The support may be a aliphatic olefinic polymer such as polyethylene or polypropylene, a homo- or copolymer of styrene or a blend thereof or a pre-treated inorganic support. The immobilized lipases are used for hydrolysis of triglycerides, diglycerides or esters or for the esterification or transesterification of fatty acids, diglycerides or triglycerides.