Emulsified transesterification of soybean oil into biodiesel was investigated using potassium hydroxide and sodium methoxide catalysts with methyl glucoside oleic polyester as a methanol-in-oil emulsifier. The transesterification reaction conditions were optimized to obtain high yields of fatty acid methyl esters of the quality defined by biodiesel standards. The developed process resulted in 95~96% of overall yield from soybean oil by alkali-catalyzed methanolysis at 45℃ of reaction temperature with 6:1 of methanol-to-oil molar ratio and 1(v/v)% methyl glucoside oleic polyester in the presense of 0.8wt% KOH and 1.2wt% NaOCH3.