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The present invention provides a method for the preparation of mycophenolate mofetil wherein mycophenoiic acid is mixed with 2-morpholinoethanol in a water-immiscible solvent, followed by addition of water and adjustment of the pH to a value ranging from 0 to 3 or ranging from 7 to 10 and separating the organic and aqueous phases. Mycophenolate mofetil is isolated from the relevant phase and the mycophenoiic acid present in the alternate phase is re-used in a conversion of mycophenoiic acid to mycophenolate mofetil.