To not only improve the efficiency in deacidifying and deodorizing an oil or fat but also prevent the degradation of it in a process for deacidifying and deodorizing it.

This process for deodorizing and deacidifying an oil or fat is conducted with a deacidifying and deodorizing apparatus 1 which comprises emulsifying vessels 2 wherein the oil or fat is emulsified in water; and a film distillation apparatus 3 wherein the resulltant emulsion is subjected to vacuum distillation under a pressure of about 6 mmHg at about 230°C to remove bad- odor bad-taste substances. This process can be applied not only to an animal or vegetable oil or fat but also to an ester of a fatty acid with a higher alcohol and to an ester of a fatty acid with a mono- or polyhydric alcohol. The bad- odor bad-taste substances are low-mol.-wt. substances such as aldehydes, ketones, alcohols, hydroarbons, sulfur compds., free fatty acids, colorants, and other unsaponifiable substances.