Biodiesel is a fuel generally consisting of a mixture of fatty acid methyl esters (FAMEs) which is used in alternative or in combination with petroleum diesel for its environmental benefits. Biodiesel is conveniently manufactured from vegetable oils by transesterification of triglycerides with methanol. However, the process brings about the concurrent formation of glycerol, which may become an oversupplied chemical if biodiesel production keeps growing. A novel biodiesel-like material (abbreviated as DMC-BioD) was developed by reacting soybean oil with dimethyl carbonate (DMC), which avoided the co-production of glycerol. The main difference between DMC-BioD and biodiesel produced from vegetable oil and methanol (MeOH-biodiesel) was the presence of fatty acid glycerol carbonate monoesters (FAGCs) in addition to FAMEs. In the following study, details regarding synthesis and composition of DMC-BioD are provided along with physical properties relevant for its use as a fuel. In addition, the production of potential pyrogenic contaminants was investigated by analytical pyrolysis and compared with those from MeOH-biodiesel, and the model compounds tristearin, triolein, trilinolein and oleic acid glycerol carbonate ester (OAGC). The presence of FAGCs influenced both fuel and flow properties, while the distribution of main pyrogenic compounds, including polycyclic aromatic hydrocarbons (PAHs), was little affected. Benefits and drawbacks of DMC as a candidate transmethylating reagent for producing biofuel from renewable resources and alternative co-products (glycerol carbonate and glycerol dicarbonate) are discussed.