Esterification reactions between long-chain alcohol and oleic acid were performed for producing wax esters. The reaction can be catalyzed efficiently by cell-bound lipase of Rhizopus niveous fungal cells immobilized within cellulose biomass support particles. Carrying out the reaction in a solvent-free system is feasible by adding a molecular sieve for dehydration purposes. To optimize the yield, addition of a molecular sieve should be performed gradually during the whole course starting from the beginning of the reaction. The influence of reaction conditions such as temperature and substrate concentrations on reaction rates and yields were investigated; however, this reaction system is under the influence of both internal and external mass transfer resistance. Conducting the reaction in an organic solvent system with hexane or heptane as the solvent can eliminate diffusional effects. Reaction kinetics were subjected to detailed study in this system. The kinetics of the reaction can be represented satisfactorily by a Ping-Pong Bi Bi mechanism with deadend inhibition by alcohol.