The purpose of this study is to manufacture structured lipids by enzymatic and chemical interesterification of tallow with corn, canola and safflower oils individually and to investigate the effects of several process parameters on various chemical and physical properties of structured lipids. Moreover, collection of Fourier-transform mid infrared (FT-MIR) and near infrared (FT-NIR) spectra during interesterification process is also aimed in order to monitor the processes and to construct chemometric models for the prediction of chemical and physical properties of the interesterified products. Both enzymatic and chemical interesterification provided modification of the properties of tallow. The blend ratio is the most significant factor among the parameters investigated for both types of interesterification. Longer reaction time for enzymatic interesterification caused undesirable changes in physical properties of fats. Interesterified lipids have generally low trans fatty acids and they tend to have lower consistencies and solid fat contents compared to their physical blends and the tallow; as a result, they also acquired better spreadable and plastic behaviors. The structured lipids produced with chemical interesterification of tallow with corn oil have better physical properties, higher oxidative stability and lower free fatty acid content compared to structured lipids produced with other vegetable oils. Chemical and physical properties of interesterified fats could be predicted accurately with chemometric analysis of FT-NIR spectra.