Commercially available steapsin lipase was immobilized on macroporous polymer beads (IB-350) and further investigated for biodiesel production under solvent free conditions. The fatty acid methyl ester (biodiesel) synthesis was carried out by the methanolysis of fresh and used cooking sunflower oil. The enzymatic reaction for biodiesel synthesis was optimized with various reaction parameters and the obtained reaction conditions were 1: 6 molar ratio (oil: methanol), 50 mg biocatalyst and 20% water content at $45^{circ}C$ for 48 h under solvent free conditions. It was observed that 94% of biodiesel was produced under the optimized reaction conditions. The four step addition of methanol at the interval of 12 h was found to be more effective. Moreover the biocatalyst was effectively reused for four consecutive recycles and was appreciably stable for 90 days. The results obtained highlight potential of immobilized steapsin lipase for biodiesel production.