PURPOSE: A fatty acid having high quality, high stability and low content of highly unsaturated acid, by hydrolyzing an oil or fat with an oil or fat hydrolase at low temperature to a specific degree of hydrolysis, and removing the undecomposed component from the product.

CONSTITUTION: An oil or fat (preferably solid at normal temperature) such as beef tallow, lard, etc. is hydrolyzed at a low temperature (preferably 15W30°C) with a low-temperature hydrolase (e.g. originated from microorganisms belonging to e.g. Candida genus) to a hydrolysis degree of ≤70%, and the undecomposed component is removed to obtain the objective fatty acid. The amount of the hydrolase is preferably 100W250 unit per 1g of the oil or fat.