Abstract: The synthesis of dipeptide AcPheLeuNH2 catalyzed by immobilized pancreatic lipase was carried out in a two- liquid-phase hollow-fiber membrane reactor, operated in a batch mode. Kinetic properties of free and immobilized enzyme, partition behavior between aqueous buffer phase and organic solvent phase, and effective diffusion coefficients of substrates and products through the membrane were investigated respectively. Based on the preliminary experimental results, the performance of the enzyme membrane reactor, which is evaluated by the purity and the yield, is discussed.