AbstractLecitase Ultra and 6 triacylglycerol lipases (lipases PS, M, AH, AY, R, and AK) were immobilized on Amberlite XAD 7HP and used to catalyze the acidolysis reaction between lecithin and capric acid (C10:0) for comparison. The highest molar incorporation value (51.0 mol%) was observed for the immobilized Lecitase Ultra. Further, immobilized Lecitase Ultra was selected for catalyzing acidolysis between lecithin and fatty acids with different chain lengths (C6:0, C8:0, C10:0, C12:0, and C14:0). After reaction, free fatty acids were removed by SPE and the resultant was called modified lecithin fraction 1 (MLF1). The highest molar incorporation value was obtained for C10:0 (51.0 mol%) at 45 °C with a mole ratio of 10/1 (C10:0/lecithin) for 72 h. After removal of lysophosphatidylcholine by solid‐phase extraction from MLF1, the resultant modified lecithin fraction 2 (MLF2) was used to prepare an oil‐in‐water emulsion. All emulsions prepared with MLF2 exhibited significantly higher emulsion stability (ES) values (16.2–17.7) and smaller particle sizes (d32 0.40–0.49 μm, d43 0.75–1.01 μm) than the emulsion prepared with unmodified lecithin (ES 14.1, d32 0.76 μm, d43, 1.26 μm) (P < 0.05). Furthermore, less clarification and droplet aggregation were observed in emulsions prepared with MLF2 than in lecithin‐based emulsions. Overall, the MLF2s showed better emulsifying properties than lecithin.