Currently, semi-refined and refined vegetable oils are used as a feedstock in biodiesel production. However, criteria such as competition with conventional fossil fuel, economic reasons, shortage supply of food and its social impact on the global scale have somewhat slowed the development of the biodiesel industry. Spent bleaching earth is currently under-utilized by deposition in landfills with no attempt to recover the oil. In this study the waste oil adsorbed on spent bleaching earth, refined soybean oil, and waste cooking oil were evaluated as potential sources of biodiesel production in Iran. Different characteristics of the oil samples, such as fatty acid composition, peroxide, iodine, acid values, etc., were evaluated. A two-step esterification reaction using methanol was conducted to produce biofuel. Subsequently, physicochemical properties of produced biodiesel were analyzed. The oil content in spent bleaching earth was 19.3%, which was lowered to 3.7% using hexane as the solvent. Gas chromatography showed that palmitic, oleic, and linoleic acids were predominantly fatty acids, respectively, and the highest content of saturated acids belonged to waste cooking oil (24%). The acidity of 8.3% was obtained for the oil recovered from spent bleaching earth followed by waste cooking oil (3.6%) and refined soybean oil (0.1%). Totally, the specifications of all biodiesel produced were in the range defined by ASTM D6751 and EN 14214 standards. Since about 2000-3000 tones of spent bleaching earth residual oil is annually dumped and the amount of waste cooking oil produced yearly is 500,000 tones, there is a great potential for Iran to produce biodiesel from waste oils.