Electrical insulation is one of the most important parts in a high voltage apparatus. Traditionally mineral oils and synthetic esters have been widely used as dielectric coolants for power transformers. Recently, researchers are interested in the environmentally friendly vegetable oil from the environmental viewpoint. This paper reports on the synthesis and characterization of soybean based ester oils. Two different types of soybean based transformer oils, named as methyl ester and isopropyl ester were synthesized. The synthesis of these esters was achieved by transesterification reactions between soybean oil and alcohol in the presence of catalyst. The GC and NMR spectroscopic analysis of the esters have been performed. It was observed that isopropyl ester has better thermal resistance than methyl ester by TGA. Also, two esters have a good breakdown voltage and electrical resistance.