Lipids are important targets of the photosensitized oxidation reactions, forming important signaling molecules, disorganizing and permeabilizing membranes, and consequently inducing a variety of biological responses. Although the initial steps of the photosensitized oxidative damage in lipids are known to occur by both Type I and Type II mechanisms, the progression of the peroxidation reaction, which leads to important end-point biological responses, is poorly known. There are many experimental tools used to study the products of lipid oxidation, but neither the methods nor their resulting observations were critically compared. In this article, we will review the tools most frequently used and the key concepts raised by them in order to rationalize a comprehensive model for the initiation and the progression steps of the photoinduced lipid oxidation.