Disclosed is a process for preparing menthyl nicotinate with high purity and yield, which consists of a transesterification reaction of menthol with a C1-C4 alkyl ester of the nicotinic acid, in the presence of an alkaline catalyst belonging to the class of C1-C4 alkoxides, linear or branched, and a vacuum distillation of the mixture of reaction products, in the presence of activated carbons.