Abstract The recovery of squalene from deodorizer distillate derived from the physical refining of olive oil was evaluated by combining pressurized acidic esterification in a closed system with vacuum distillation. Esterification was carried out at 341, 359, 366, 391 and 395 K. The reaction at 395 K was found to be satisfactory as it decreased the acid value by 99.21% and generated a FAME concentration of 67.53% within 1 h. In order to demonstrate that the generation of FAME from deodorizer distillate was mainly due to the transformation of FFA, the reaction extent, which characterizes the reaction and simplifies calculations, was evaluated for FFA removal and the generation of FAME. Subsequent vacuum distillation allowed the separation of one fraction rich in FAME (94%), which can be used as a biofuel and accounted for 85% of the initial mass, and another fraction that was rich in squalene (78%) and may be used for manufacturing pharmaceutical products. The global squalene yield was 117 g kg−1 initial deodorizer distillate.