The present study reports the improved enzymatic synthesis of ethyl valerate (green apple flavor) by esterification reaction of ethanol and valeric acid in heptane medium. Lipase from Thermomyces lanuginosus (TLL) was immobilized by physical adsorption on polyhydroxybutyrate (PHB) particles and used as a potential biocatalyst. The effect of certain parameters that influence the ester synthesis was evaluated by factorial design. The experimental conditions that maximized the synthesis of ethyl valerate were 30.5°C, 18% m/v of biocatalyst (TLL-PHB), absence of molecular sieves, agitation of 234 rpm, and 1,000 mM of each reactant (ethanol and valeric acid). Under these conditions, conversion percentage ≈92% after 105 min of reaction was observed. Soluble TLL was also used as biocatalyst and the highest conversion was of 82% after 120 min of reaction. Esterification reaction performed in a solvent-free system exhibited conversion of 13% after 45 min of reaction catalyzed by immobilized lipase, while the soluble lipase did not exhibit catalytic activity. The synthesis of the ester was confirmed by Fourier transform infrared spectroscopy and gas chromatography-mass spectrometry analyses. After six consecutive cycles of ethyl valerate synthesis, the prepared biocatalyst retained ≈86% of its original activity.