Enzymatic deacidification has the advantages of mild reaction condition, high catalytic specificity and environmental friendliness, and it has been considered as the main development direction in the field of oil deacidification in the future. In this review, firstly, the research progress on enzymatic deacidification in the past three decades was meticulously summarized, especially focused on the novel enzymatic deacidification technologies and the application of novel lipases and novel enzyme preparations in oil deacidification. Meanwhile, the bottleneck problem restricting the industrial application of enzymatic deacidification was described, and a feasible strategy was proposed. Finally, the development trends of enzymatic deacidification of oil were prospected.