NOVELTY - Deacidifying fats and oils, involves: (i) feeding an oily feed stream to a vacuum steam stripping section; (ii) feeding the stripped off the volatile phases to a high temperature condensing zone; (iii) subjecting the condensed phase to vacuum distillation operation in distillation-A; (iv) feeding the vapor phase from the condensing zone, optionally along with the volatile stream from distillation-A to the cold condensation zone; and (v) subjecting the cold condensate to distillation-B to produce a stream of fatty acids, a stream of micronutrients, and a stream of non-condensables.    USE - The method is useful for deacidifying fats and oils (claimed), which are useful for manufacturing biodiesel.    ADVANTAGE - The method is capable of efficiently and rapidly deacidifying fats and oils without losing micronutrient .    DETAILED DESCRIPTION - Deacidifying fats and oils, involves: (i) feeding an oily feed stream to a vacuum steam stripping section and stripping off volatile phases; (ii) feeding the stripped off the volatile phases to a high temperature condensing zone, obtaining a condensed phase and a vapor phase, sending the condensed phase to distillation-A and sending the vapor phase to a cold condensation zone; (iii) subjecting the condensed phase to vacuum distillation operation in distillation-A obtaining a volatile stream and a condensed oily phase; (iv) feeding the vapor phase from the high temperature condensing zone, optionally along with the volatile stream from distillation-A to the cold condensation zone producing a stream of non-condensable gases and a cold condensate, letting the stream of non-condensable gases to continue to a vacuum system and feeding the cold condensate to distillation-B; and (v) subjecting the cold condensate to distillation-B producing a stream of fatty acids, a stream of micronutrients, and a stream of non-condensables, where the non-condensables are sent to vacuum system together stream the non-condensable gases from the cold condensation zone to form steam of all non-condensable gases.