The deodorization of the refined palm oil process is simulated here using ASPEN HYSYS. In the absence of a library molecular distillation (MD) process in ASPEN HYSYS, first, a single flash vessel is considered to represent a falling film MD process which is simulated for a binary system taken from the literature and the model predictions are compared with the published work based on ASPEN PLUS and DISMOL. Second, the developed MD process is extended to simulate the deodorization process. Parameter estimation technique is used to estimate the Antoine’s parameters based on literature data to calculate the pure component vapor pressure. The model predictions are then validated against the patented results of refining edible oil rich in natural carotenes and vitamin E and simulation results were found to be in good agreement, within a ±2% error of the patented results. Third, Response Surface Methodology (RSM) is employed to develop non-linear second-order polynomial equations based model for the deodorization process and the effects of various operating parameters on the performance of the process are studied. Finally, an optimization framework is developed to maximize the concentration of beta-carotene, tocopherol and free fatty acid while optimizing the feed flow rate, temperature and pressure subject to process constrains. The optimum results of feed flow rate, temperature, and pressure were determined as 1291 kg/h, 147 °C and 0.0007 kPa respectively, and the concentration responses of beta- carotene, tocopherol and free fatty acid were found to be 0.000575, 0.000937 and 0.999840 respectively.