This work reports experimental data and kinetic modeling of solvent-free glycerolysis of olive oil using a commercial immobilized lipase (Novozym 435) in the presence of Triton X-100 surfactant for the production of monoacylglycerols (MAG) and diacylglycerols (DAG). The experiments were performed in batch mode evaluating the effects of temperature (30−70 °C), enzyme concentration (2.5−18 wt %), Triton X-100 concentration (10−20 wt %), and glycerol to oil molar ratio (3:1, 6:1, and 9:1). Experimental results showed that lipase-catalyzed solvent-free glycerolysis with the addition of Triton X-100 might be a potential alternative route to conventional organic solvent methods, as good conversions were obtained with relatively low enzyme concentrations (9 wt %) in short reaction times (240 min). The glycerolysis and hydrolysis parallel reactions were considered with rate constants estimated by minimizing a maximum likelihood function. A very satisfactory agreement between experimental data and model results was obtained, thus allowing a better understanding of the reaction kinetics.