Physico-chemical properties of glucitol fatty acid polyesters (GPE)-one of the potential fat substitutes-were analyzed and compared with conventional edible oil. The refractive Index, apparent viscosity and melting point of S-GPE (soybean oil GPE) were 1.472, 103 cps. at $37^{circ}C;and;-53^{circ}C$, respectively. S-GPE were liquid at room teperature and the Yellowness of S-GPE was slightly stronger than that of soybean oil. The acid value and smoke point of S-GPE were 0.06 and $200^{circ}C$. To supplement the weak thermal stability of S-PEG, SP-GPE (soybean-palm blended oil GPE) was prepared with soybeanpalm blended oil (70% of soybean oil and 30% of palm oil). The appearance and color of SP-GPE was not much different from S-GPE but the smoke point of that was increased to $210^{circ}C$. It means that thermal stability of GPE can be enhanced by increasing saturation of the fatty acid composing GPE. Because most of physico-chemical properties of S-GPE or SP-GPE were similar to conventional edible oil, they are expected to be considered as a potential fat substitute with further study for confirming the safety.