Enzymatic ethanolysis of wheat germ oil with immobilized lipase was investigated for enhancing the function of wheat germ oil. Ethanolysis reactions were carried out in two different systems; non-pressurized and pressurized system. In non-pressurized system, the enzymatic ethanolysis was carried out in an erlenmeyer flask(25 ml) containing a mixture of wheat germ oil and 99.90% ethanol using 1~5 wt% immobilized lipase as Lipozyme TL-IM and Lipozyme RM-IM and the reaction mixtures were incubated at 40~70 ℃ with 120 rpm shaking. In pressurized system, the enzymatic ethanolysis was carried out at various condition; immobilized lipase concentration(2 wt%), reaction time(24 h), reaction temperature(40~60 ℃) and reaction pressure(75, 100, 150, 200 bars). The samples obtained from each fraction were analyzed by HPLC for analysing contents of monoglyceride, diglyceride, and triglyceride. The conversion of wheat germ oil relied on the reaction temperature and the concentration of immobilized lipase. The optimum condition of enzymatic ethanolysis in non-pressurized and pressurized systems was at 50 ℃ and 100 bar.