Supercritical CO
2
(SCCO
2
) processing of fats and oils has been widely investigated because SCCO
2
offers an environmentally friendly alternative for the processing of fats and oils with added advantages such as moderate operating conditions and solvent‐free extracts and residues. From a processing perspective, a unique advantage of SCCO
2
processing lies in its versatility, which results from the ability to modify solvent properties by changing operating conditions (temperature and pressure) or by the addition of cosolvents. A good understanding of the fundamentals of solubility behavior of lipid components in SCCO
2
as affected by operating conditions and solute properties is required to realize its full potential in fats and oils processing. The operational flexibility offered by supercritical fluid technology enables the processor to fine tune solvent properties and to develop novel processes by the integration of unit operations of extraction, fractionation, and reaction to meet the process objectives. Supercritical fluid extraction, fractionation, and reaction protocols have been effectively used for the extraction and refining of oils, concentration of bioactive components from oils or oil byproducts, modification of physical properties of fats and oils, production of oleochemicals, and analytical applications.