Genetic engineering (GE) technology offers a powerful tool for developing a broad range of oils with specialized compositions useful for different food and industrial applications. Such oils could contain modified ratios of endogenous fatty acids, or even unusual fatty acids and lipids, produced through the transgenic expression of biosynthetic genes from other species. However, GE technology has mostly been limited to crop input traits such as herbicide tolerance and insect resistance. As this article will discuss, only recently have high oleic acid soybeans with transgenically modified oil compositions been grown on a commercial basis. For the most part, the synthesis of unusual fatty acids with useful functional groups only results in the accumulation of low levels of the desired product in the transgenic seed. The continually improving knowledge of fatty acid biosynthesis and triacylglycerol assembly in oilseeds will be explored. This knowledge, combined with new systems and synthetic biology approaches, promises to overcome biological bottlenecks limiting the production of unusual fatty acids in transgenic oilseeds. This article will also describe the regulatory and economic barriers that likely present significant barriers to the widespread adoption of novel oils with altered output traits. As discussed, new business models for the commercial production of specialized industrial oils will therefore need to be considered.