Esterification of (−)‐menthol with fatty acids in isooctane was successfully catalyzed using a commercial lipase, Lipase AY “Amano” 30 from Candida rugosa in original powder form. The esterification reactions were performed to elucidate the effects of temperature, enzyme load, molar ratio of (−)‐menthol/fatty acid, and fatty acid type, keeping the (−)‐menthol concentration at 200 mM. At the optimal conditions for (−)‐menthol esterification, determined at a (−)‐menthol/lauric acid molar ratio of 1∶1 and 35°C [1.5 g enzyme/g (−)‐menthol, 0.1 g molecular sieves], the molar conversion of (−)‐menthol after 48 h reached 93%. After 24h, the lowest and the highest molar conversions of fatty acids at 2∶1 molar ratio were obtained with myristic acid (71%) and margaric acid (98%), respectively. After 48 h, the molar conversions of lauric acid at molar ratios 2∶1, 1∶1, and 1∶2 were 98, 93, and 49%, respectively.