A method for producing a diacylglycerol-rich fat or oil is provided. This
method includes the steps of reacting an acyl group donor with an acyl
group receptor, and separating unreacted material and byproducts by
distillation for use as a part of the starting material in the subsequent
cycle of production. The distillation is conducted such that the content
of monoacylglycerol in the fat or oil after the distillation is 0.5 to
15% by weight.