Lipases are highly activity in the polymerization of a range of monomers. Both ring-opening polymerization of cyclic esters and polycondensation reactions of AA-BB and AB monomers have been investigated in great detail. This paper reviews the increased understanding in enzymatic strategies for the production of well-defined polymers. Major advantages of enzymatic catalysts are the relatively mild reaction conditions, and the often-observed excellent regio-, chemo-, and enantioselectivity that allow for the direct preparation of functional materials. However, as a result of the monomer activation mechanism, polymers of low polydispersity and low quantitative degree of endgroup functionality are difficult to attain. A wide variety of (co)polymers have been synthesized and explored in a variety of applications using lipase catalysts.