A simple and environmentally friendly reaction has been developed for the first time for one-pot synthesis of B-amino alcohol derivatives from aromatic phenols, epichlorohydrin and amines by using phase transfer catalysts (PTC) and Aspergillus Oryzae lipase biocatalyst. This method provides access to pharmaceutically relevant products in excellent yields with high regioselectivity. The remarkable catalytic activity and reusability of lipase was possible up to four consecutive cycles.