Today, fried foods are very famous everywhere around the world and it can be observed by the increasing number of fast food restaurants in the last few decades. Deep frying of foods at high temperature enhances the sensorial properties which include the unique fried flavor, golden brown color and crispy texture. Chemical reactions like oxidation, polymerization, hydrolysis, etc., take place in the food system, which ultimately alters the physical and chemical properties of fat. Consequently, so many by-products such as free fatty acids, alcohols, cyclic compounds, dimers and polymers are produced. Therefore, it is necessary to understand the physical and chemical changes during deep fat frying to monitor the quality of fried foods. In this review, we constituted the previous studies on the changes in fats during frying and methods used to analyze the quality of fried oil, in order to explore the areas which require further research.