The present invention relates to a method for purification of lipid material originating from biological material. In the method the lipid material comprising acylglycerols and phosphorus impurities and at least one added nonpolar solvent and at least one added polar solvent is provided into a reaction zone whereby at least a two phase system comprising a nonpolar phase and a polar phase is formed. The phase system is heated in the closed reaction zone under mixing at a temperature from 150° C. to 300° C. and at a pressure wherein said solvents are in subcritical state, preferably of below 100 bar, dependent on the vapor pressure of the selected solvents, until the phosphorus impurity is removed from the polar phase. Subsequently, the nonpolar phase including the purified oil comprising acylglycerols is separated and recovered from said phase system.