Polyglycerol fatty acid esters (PGFAEs) are gaining interest in several industrial sectors due to their excellent surfactant properties and their wide range of hydrophilic−lipophilic balance (HLB) values. Moreover, they can be prepared from renewable resources, i.e., fatty acids and glycerol. In this study, polyglycerol-2 stearic acid esters (PG2SAEs) were synthesized by the enzymatic esterification of polyglycerol-2 (PG2) and stearic acid (SA) using the immobilized lipase Novozym 435 as a biocatalyst in a solventfree system. Reaction conditions, i.e., temperature (80 °C), reactant ratio (1:1.8), and enzyme loading (2.7% w/w), were finely optimized; furthermore, biocatalyst recycling was studied by assessing the residual activity of the lipase after each reaction cycle, up to 20 times. The composition of the enzymatically synthesized products (E) was roughly evaluated by chromatographic methods and mass spectrometry and compared with that of the esters obtained by acid-catalyzed esterification (C). Then, the surfactant properties of the prepared polyglycerol-based surfactants were investigated by interfacial tension studies. Specifically, the emulsifying capacity and stability and the rheological behavior of O/ W emulsions prepared in the presence of E were deeply investigated in comparison with those of the chemically synthesized and commercially available product C.