A process of making either a) a reduced color epoxidized fatty acid ester from an epoxidized natural fat or oil or b) a reduced color epoxidized fatty acid ester or mixture of esters from an epoxidized natural fat or oil, wherein a) comprises the steps of: combining an alcohol, an epoxidized natural fat or oil and borohydride with a transesterification catalyst, under conditions which are effective for reacting the alcohol and epoxidized natural fat or oil to form an epoxidized fatty acid ester exhibiting a reduced Pt-Co color as compared to the epoxidized fatty acid ester that would result from reacting the alcohol and epoxidized natural fat or oil in the presence of the catalyst and under the same conditions but without the use of borohydride, wherein (i) the borohydride is present in the reaction mixture at between 0.0001 and 1.0 percent by weight of the total, (ii) the combined starting materials are heated to a temperature of 40 °C to 70 °C under a slight vacuum in an inert atmosphere, and (iii) the catalyst is an alkaline catalyst; and wherein b) comprises the steps of: combining an epoxidized natural fat or oil, a second ester and borohydride with an interesterification catalyst, under conditions which are effective for reacting the second ester and epoxidized natural fat or oil to form an epoxidized fatty acid ester or mixture of esters exhibiting a reduced Pt-Co color, as compared to the epoxidized fatty acid ester or mixture of esters that would result from reacting the second ester and epoxidized natural fat or oil in the presence of the catalyst and under the same conditions but without the use of borohydride, wherein (i) the borohydride is present in the reaction mixture at between 0.0001 and 1.0 percent by weight of the total; (ii) the combined starting materials are heated to a temperature of 40 °C to 70 °C under a slight vacuum in an inert atmosphere; and (iii) the catalyst is an alkaline catalyst. a) comprises the steps of: combining an alcohol, an epoxidized natural fat or oil and borohydride with a transesterification catalyst, under conditions which are effective for reacting the alcohol and epoxidized natural fat or oil to form an epoxidized fatty acid ester exhibiting a reduced Pt-Co color as compared to the epoxidized fatty acid ester that would result from reacting the alcohol and epoxidized natural fat or oil in the presence of the catalyst and under the same conditions but without the use of borohydride, wherein (i) the borohydride is present in the reaction mixture at between 0.0001 and 1.0 percent by weight of the total, (ii) the combined starting materials are heated to a temperature of 40 °C to 70 °C under a slight vacuum in an inert atmosphere, and (iii) the catalyst is an alkaline catalyst; and wherein (i) the borohydride is present in the reaction mixture at between 0.0001 and 1.0 percent by weight of the total, (ii) the combined starting materials are heated to a temperature of 40 °C to 70 °C under a slight vacuum in an inert atmosphere, and (iii) the catalyst is an alkaline catalyst; b) comprises the steps of: combining an epoxidized natural fat or oil, a second ester and borohydride with an interesterification catalyst, under conditions which are effective for reacting the second ester and epoxidized natural fat or oil to form an epoxidized fatty acid ester or mixture of esters exhibiting a reduced Pt-Co color, as compared to the epoxidized fatty acid ester or mixture of esters that would result from reacting the second ester and epoxidized natural fat or oil in the presence of the catalyst and under the same conditions but without the use of borohydride, wherein (i) the borohydride is present in the reaction mixture at between 0.0001 and 1.0 percent by weight of the total; (ii) the combined starting materials are heated to a temperature of 40 °C to 70 °C under a slight vacuum in an inert atmosphere; and (iii) the catalyst is an alkaline catalyst. (i) the borohydride is present in the reaction mixture at between 0.0001 and 1.0 percent by weight of the total; (ii) the combined starting materials are heated to a temperature of 40 °C to 70 °C under a slight vacuum in an inert atmosphere; and (iii) the catalyst is an alkaline catalyst.