Abstract: A process of extracting vegetable oil and fat from an oleaginous raw material which comprises the steps of obtaining flakes having a moisture content of from 0.7 to 10 weight % from an oleaginous raw material; contacting the flakes with an ethanol solution containing not less than 90 weight % ethanol at a temperature in the range of from 70.degree. C. to the boiling point of the ethanol solution, thereby obtaining a miscella; cooling the miscella, thereby obtaining vegetable oil or fat and a separate defatted miscella; drying the defatted miscella with a molecular sieve material having a pore size of from 3 .ANG. to 4 .ANG., thereby obtaining a second ethanol solution wherein the second ethanol contains less than 7 weight % water; and using the ethanol solution obtained in the drying step as the ethanol solution of the contacting step in a second extraction.