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In the present paper, we investigate the path instabilities and the transition scenario for oblate homogeneous spheroids falling (or ascending) freely in a quiescent and unconfined Newtonian fluid under the action of gravity, buoyancy and hydrodynamic forces. The problem depends on three independent external parameters: the aspect ratio $\unicode[STIX]{x1D712}=d/a$, where $d$ is the diameter and $a$ the length of the axisymmetry axis of the spheroid; the non-dimensionalized mass $m^{\ast }=m/(\unicode[STIX]{x1D70C}d^{3})$, $m$ being the mass of the spheroid and $\unicode[STIX]{x1D70C}$ the fluid density; and the Galileo number, defined as $G=\sqrt{(m^{\ast }-V^{\ast })gd^{3}}/\unicode[STIX]{x1D708}$. In the definition of the Galileo number, $V^{\ast }=V/d^{3}$ is the non-dimensionalized volume, $g$ the gravitational acceleration and $\unicode[STIX]{x1D708}$ is the kinematic viscosity. Asymptotic solutions (regimes) are investigated in seven $\unicode[STIX]{x1D712}=\text{const}.$ parameter planes going from $\unicode[STIX]{x1D712}=10$ (very flat spheroid) to $\unicode[STIX]{x1D712}=1.1$ (an almost spherical shape), for $m^{\ast }$ going from 0 to 5 and Galileo numbers up to 300 (i.e. Reynolds numbers roughly up to 500). The obtained results provide a link between the known scenario of a homogeneous disk and that, well known, of a sphere. The scenario of the flat spheroid of aspect ratio 10 has many common features with that of an infinitely thin disk, but the finite thickness brings about significant quantitative differences. At the opposite side of the investigated aspect ratio interval, the dynamics of the spheroid of aspect ratio 1.1 is found very close to that of a perfect sphere except for small density ratios (smaller than approximately 0.5). Very light spheroids of aspect ratio 1.1 move along vertical zig-zagging trajectories. At intermediate aspect ratios, the strong subcritical effects and the characteristic zig-zagging and fluttering motion, typical for flat bodies, progressively disappear. The tumbling regime remains remarkably stable and is shown to be present down to $\unicode[STIX]{x1D712}=2$. An interesting result consists in the evidence of the first two bifurcations typical for the sphere scenario (leading to steady oblique and oblique oscillating trajectories) present both for very flat and thick spheroids but absent at intermediate aspect ratios. The results pertaining to spheroids might be more useful in practical applications than those obtained for too idealized thin disks and perfect spheres.