The past two decades has produced an ever increasing awareness of the role of dietary fat in the etiology of different chronic diseases (e.g. diabetes, coronary heart disease and cancer). In addition, advances in food technology methods for preserving and processing food lipids for retained nutritional and sensory appeal has coincided with increased awareness concerning the safety of dietary fats and oil sources, as they relate to both the visible and non‐visible components of the total crude lipid fraction. Increased calorie consumed from fat sources not only provides consumer exposure to natural fat and oil components (e.g. fatty acids, sterols etc.), but also derived products of oxidation and hydrogenation and the presence of natural, environmental (pollutants) or intentional (e.g. additives) xenobiotics which co‐exist, or accumulate, in the crude lipid fraction. Thus, understanding the safety of dietary fats and oils requires not only an awareness of the elements of lipid chemistry of soluble constituents in the lipid phase, but also the associated reaction conditions that may convert them to toxic products. Moreover, by predicting a risk from the combined relative toxicity and the level of exposure to the organism will enable assessment of a hazard to exposure to these chemicals. In this chapter, a number of reactive and labile fat soluble constituents are assessed for safety and potential toxicity in regard to both initiating and propagating the cascade of events that may lead to a toxic end‐point measure. Endogenous (e.g. co‐oxidation reactions) as well as exposure to exogenous (e.g. photoxidation or presence of man made pollutants) xenobiotics are analyzed in respect to the potential for inducing adverse health effects.