Enzymatic synthesis of biodiesel showed advantageous characteristics in relation to other technologies once it works under bland conditions, no generation of wastewater, no occurrence of saponifications reactions and production of a biodiesel with high quality. Although many researches still apply immobilized lipases, the high costs associated with this biocatalyst hamper the economic viability of the process. Lipases in free/soluble/liquid formulation employed to biodiesel production via hydroesterification reaction have attracted interest from researchers because they are more cost effective than the immobilized form, making the enzymatic route more competitive. In addition, soluble lipases present higher reaction rates, reducing the time required to obtain a satisfactory biodiesel yield. Despite the fact that already exist industrial plants producing biodiesel with the assistance of lipases in liquid formulation, results of researches show that the process still needs to overcome some drawbacks. This paper is a comprehensive and critical discussion on the publications where soluble lipases were applied on biodiesel synthesis, as well as the challenges that the technology faces and its current status in pilot and industrial applications.