Salmon oil directly obtained from salmon silage in a tricanter centrifuge was subjected to homogeneous acid‐catalyzed esterification. Alcohol‐to‐oil molar ratio, catalyst amount, and reaction temperature were varied in order to obtain the kinetic parameters that fit the data satisfactory. A reaction mechanism with four consecutive reactions was considered and the attack of the nucleophile alcohol to the protonated carbonyl substrate was corroborated to be the rate‐determining step, in accordance with previous studies in free fatty acids esterification. A kinetic model with 8 independent parameters described with high accuracy the experimental data of 27 reactions with a regression coefficient of 90.94%. Pre‐esterified oil was submitted to transesterification and properties of resulting methyl esters were measured. Acidity, peroxide value, viscosity and flash point were acceptable to use as diesel‐grade fuel. However, cold flow properties and especially oxidative stability can limit its use as automotive fuel. Finally, a techno‐economic analysis was performed and the influence of salmon oil price on the viability of a low capacity fuel production plant was analyzed. Copyright © 2015 Society of Chemical Industry and John Wiley & Sons, Ltd