The current concern for health has raised the importance of natural micronutrients in edible oils and fats. Different from common micronutrients, e.g., tocopherols, tocotrienols, stigmasterol and sitosterol, new and emerging specialty micronutrients, such as plastochromanol‐8, resveratrol, phenylpropanoid amides of 5‐hydroxytryptamine, lanosterol, ergosterol and cyclolinopeptides, are becoming increasingly popular among health‐conscious people. The first three are phenolic compounds, the forth and fifth sterols, and sixth a peptide. These micronutrients are usually present in certain oils or oilseed‐related byproducts, including rapeseed, peanut, flaxseed, tea seed, and camellia oils, and safflower seed cakes, all of which are the highly valuable products of the lipid industry in China nowadays. The first object of this review is to discuss the characteristics of the micronutrients, mainly including their varieties, structures, and sources. Second, the antioxidant activities and indicative functions for oil quality were also analyzed in detail. Third, refining techniques, breeding programs and extraction methods are suggested. Suitable modification treatments of certain micronutrients are also advocated to make them easy to incorporate in other foods.