Abstract: The present invention provides a process for producing a diacylglycerol, which comprises, reacting triacylglycerol with water and an enzyme to obtain a mixture comprising of diacylglycerol, monoacylglycerol and free fatty acid; removing water content in the mixture by way of dehydration; and separating monoacylglycerol, free fatty acid and residual triacylglycerol by at least one separation method to obtain a high-purity diacylglycerol. An oil or fat composition comprising of diacylglycerol obtained from the said process and phytosteryl esters and/or ferulic acid esters in an amount of from 0.5% to 25% by weight of diacylglycerol is also provided.