To provide a method for increasing yield of produced phospholipid and a method for simply separating the produced phospholipid, in base exchange reaction of phospholipid and in a two phase system.

The base exchange method of the phospholipid, which method comprises a step for reacting the phospholipid with a hydroxy-containing compound, in the presence of phospholipase D and in the two phase system comprising a nonpolar solvent, a polar solvent and water, is provided, wherein the content of the polar solvent is more than 20% but less tan 80% on a volume basis per the total amount of the nonpolar solvent and the polar solvent and the molar ratio of the hydroxy-containing compound to the phosphatide is 4 or more but 30 or less. The base exchange method of phospholipid, which method comprises reacting the phosphatide with the hydroxy-containing compound, in the presence of an edible oil and the phospholipase D, in the two phase system comprising a nonpolar solvent, a polar solvent and water, is provided.