Lipids are an immensely diverse group of compounds, technically including all biomolecules that dissolve more readily in non‐polar solvents than in water. This review will emphasisze two prominent groups of lipids: the acyl lipids, whose hydrophobic units are derived from fatty acids, and the isoprenoids, made up of five‐carbon isopentene units. Acyl lipids, in the form of the triacylglycerols stored as energy reserves, underpin the vegetable oil industry. In addition, acyl lipids that dominate the bilayers of plant membranes, are indispensable for the protective layers that prevent plant desiccation and pathogen attack, and include several signalling molecules. Isoprenoids are even more diverse than acyl lipids, with more than 25,000known. Two prominent groups are the sterols, which are important membrane constituents, and the carotenoids, which collect light for photosynthesis, protect plants from excessive light, attract pollinators and fruit dispersal agents, and provide vitamin A precursors for consumers. Biotechnology has provided both a tool for understanding plant lipid metabolism, and a means of altering quality and quantity of these constituents to better serve the needs of industry and human nutrition better.