The disclosure pertains to enzymatic modification of lecithin and to hydrolyzed lecithin products obtained by such modification. One particular implementation provides methods for producing a hydrolyzed lecithin product containing hydrolyzed phospholipids, monoglycerides, and diglycerides. For example, such a method may include the steps of: (a) contacting a lecithin material, which includes a phospholipid component and a triglyceride component, in an aqueous or organic solvent medium, with a first enzyme effective to hydrolyze the phospholipid; and (b) subsequently contacting the product of step (a) with a second enzyme, effective to hydrolyze the triglyceride; under reaction conditions effective to inhibit esterification of the hydrolyzed phospholipid with released fatty acids.