TECHNOLOGY FOCUS - BIOLOGY - Preferred Microorganism: The enzyme is lipase or esterase, preferably lipase chosen from Candida antarctica, Candida rugosa, Candida cylindracea, Pseudomonas cepacia, Mucor miehei, Mucor javanicus, Aspergillus niger, swine pancreas, Bacillus subtilis, Aspergillus oryzae, Rhizopus oryzae, Chromobacterium viscosum, Yarrowia lipolytica, and pig liver, preferably lipase B from C.antarctica.    TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Components: The 3 phases formed at the end of esterification and/or transesterification process are first phase containing at least one ionic liquid, and at least one enzyme, second phase substantially comprising glycerol, and third phase substantially comprising fatty acid alkyl esters. The ionic liquid is liquid or solid at room temperature, preferably solid at room temperature. The ionic liquid, substrate, and alcohol form single homogenous liquid phase, at room temperature, preferably at temperature higher than 30 degrees C. The enzyme is supported, and the supported enzyme is in suspension, or soluble within the single homogenous liquid phase, or the enzyme is not supported, and the non-supported enzyme is in suspension, or soluble within the single homogenous liquid phase. The lipophilic ionic liquid is constituted by cation and anion, where the cation is constituted by cationic head, and the anion is constituted by anionic head, the cationic head and/or anionic head are eventually substituted by one or more carbon side chains which are similar or different from each other, the carbon side chain on the cationic head and/or anionic head are linear or branched, saturated or unsaturated carbon chains, and at least one of the side chain comprises at least 10C, preferably at least 16C, 17C or 18C. The ionic liquid cation is chosen from imidazolium, pyridinium, triazolium, pyrrolidinium, guanidinium, sulfonium, phosphonium and ammonium cations, substituted by at least one lipophilic carbon side chain comprising at least 10C. The ionic liquid anion is chosen from hexafluorophosphate ion (PF6-), bis(trifluoromethylsulfonyl)imide (NTF2-), tetrafluoroborate ion (BF4-), tris(pentafluoroethyl)trifluorophosphate (FAP), 1-20C alkylsulfate, 1-20C alkylsulfonate, chlorine ion, iodine ion, bromine ion and 1-20C dialkylphosphate, preferably NTF2-, PF6-, 1-20C alkylsulfate or tris(pentafluoroethyl)trifluorophosphate, most preferably NTF2-. The ionic liquid is chosen from 1-methyl-3-octadecylimidazolium bis(trifluoromethylsulfonyl)imide, 1-hexadecyl-3-methylimidazolium bis(trifluoromethylsulfonyl)imide, and trimethyloctylammonium bis(trifluoromethylsulfonyl)imide. The substrate is chosen from animal fats, sunflower seed oil, soybean oil, palm oil, coconut oil, linseed oil, rapeseed oil, corn oil, cottonseed oil, ground nut oil, canola oil, olive oil, castor oil, Jatropha oil, waste edible oils, and their mixture. The substrate contains triglycerides, diglycerides, monoglycerides, phospholipids, and their mixture. The alcohol is chosen from 1-4C alcohols, preferably methanol, ethanol, propanol, butanol, their isomers, and their mixture, more preferably methanol. Preferred Composition: The reaction mixture comprises alcohol and substrate in the molar ratio of 1:1-10:1, preferably 3:1-6:1, where the weight ratio of enzyme and support to the substrate is 1:1-1:200, preferably 1:10 for supported enzyme, or the weight ratio of enzyme to substrate is 1:50-1:20000, preferably 1:500 for non-supported enzyme, and the volume ratio of the ionic liquid and the sum of the volumes of the alcohol and the substrate is 90/10-10/90, preferably 66/33. Preferred Condition: The ionic liquid melting temperature is lower than the temperature of the esterification and/or transesterification process, preferably 0-100 degrees C, more preferably 60-100 degrees C. Preferred Method: The method involves initialization step of combining at least one substrate, at least one alcohol, and at least one enzyme in at least one ionic liquid, where the substrate, alcohol, and ionic liquid form single homogenous liquid phase, at room temperature or preferably at a temperature higher than 30 degrees C, the alcohol and substrate are in appropriate amount to form fatty acid alkyl esters, and recovery step including phase substantially comprising fatty acid alkyl esters formed in the esterification and/or transesterification reaction, phase substantially comprising glycerol formed in the esterification and/or transesterification reaction, and phase comprising ionic liquid and enzyme, where the ionic liquid is either liquid or solid, preferably solid at room temperature, and restoration step of recovering and purifying the composition of ionic liquid and enzymes to obtain purified composition of ionic liquid and enzymes. The method involves reaction step of combining at least one substrate, at least one alcohol, in at least one ionic liquid and at least one enzyme, where the ionic liquid is liquid at a temperature at which the process is performed, recovery step including phase substantially comprising fatty acid alkyl esters formed in the esterification and/or transesterification reaction, and phase substantially comprising glycerol formed in the esterification and/or transesterification reaction, and restoration step of recovering and purifying the composition of ionic liquid and enzymes to obtain purified composition of ionic liquid and enzymes, where the above-cited steps forms a cycle. The method involves implementing at least one cycle, preferably repeating the cycle at least 7 times and in each given cycle, the composition of the ionic liquid and at least one enzyme used in the reaction step is the purified composition of the ionic liquid and the enzyme obtained at the end of the restoration step involved in the cycle preceding given cycle. The cycles are repeated until the catalytic activity of the enzyme is exhausted, leading to exhausted enzyme, and optionally the exhausted enzyme is discarded from the ionic liquid to obtain regenerated ionic liquid. The method preferably involves initialization step of combining at least one substrate, methanol, and novozyme 435 in 1-methyl-3-octadecylimidazolium bis(trifluoromethylsulfonyl)imide, where the substrate, methanol, and 1-methyl-3-octadecylimidazolium bis(trifluoromethylsulfonyl)imide form single homogenous liquid phase, and stirring the reaction solution at 60 degrees C for 24 hours, recovery step including phase substantially comprising fatty acid alkyl esters formed in the esterification and/or transesterification reaction, and phase substantially comprising glycerol formed in the esterification and/or transesterification reaction, and restoration step of recovering and purifying (under vacuum) the composition of 1-methyl-3-octadecylimidazolium bis(trifluoromethylsulfonyl)imide and novozyme 435, to obtain purified composition of 1-methyl-3-octadecylimidazolium bis(trifluoromethylsulfonyl)imide and novozyme 435. EXAMPLE - No suitable example given.