In the present study, esterified rice bran oil (ERBO) was characterized using enzymatic esterification to improve stability, prevent acidification, enhance health-promoting biological activity and generate ω-3 PUFA-rich rice bran oil (RBO). Esterification reactions using RBO and ethanol were performed at 50°C under 200 bar with 3% lipozyme TL-IM (Thermomuces lanuginosa immobilized on silica gel) or RM-IM (Rhizomucor miehei immobilized on ion exchange resin) for 3 hr under supercritical CO2. The molar ratios of ethanol to RBO were 3, 6, 9 and 12, respectively. Total lipid contents and acid values decreased (maximum 83.75%),but γ-oryzanol content increased (maximum 41.33%) in esterified RBO (ERBO) prepared using TL-IM or RM-IM. In addition, DPPH radical scavenging activity of ERBO prepared by RM-IM atan ethanol to RBO molar ratio of 3 was 0.02 µg µl(-1), which was 63-fold higher than that of α-tocopherol (IC50 =1.25 µg µl(-1)). The anti-inflammatory effect of RM-IM 1:3 hydrolysate of RBO was verified showing its suppressive effect towards iNOS and Cox-2mRNA expression in a dose-dependent manner. Therefore, ERBO is a promising source of functional food, cosmetics and pharmaceuticals.