Human milk (HM) provides the ideal nourishment for infant growth and cognitive development. The new advances in component and microstructure analyses of HM provide solid knowledge for developing better infant formulas to mimic HM to the largest extent possible. In this article, we reviewed the latest progress in the analysis and understanding of the physical structures, composition, and phospholipids and other minor components in HM lipids, as well as in its counterpart infant formula (IF) lipids. The similarities and differences of lipids between HM and IF suggest the gaps to be narrowed for improved IF development, as the theme of IF lipids studies, which are not only on fatty acid composition, but also on triacylglycerol (TAG) profiles and minor lipid species and level of supplements. The efforts and researches in searching alternative oils and fats and development of related chemical/enzymatic processes comprise a key focus of this article. The specifications to regulate IF market, marketing trend, and patenting status are also intensively discussed. Moreover, the risk substance controls of 3‐monochloro‐1,2‐propanediol (3‐MCPD esters) and glycidyl esters (GE) and the strategy to mitigate them during IF lipid process are also reviewed.