This review of lipoxygenase and lipoxygenase pathway enzymes focuses on the potential for the efficient production of useful compounds. Although the existence of lipoxygenase has been inown for many years, only recently has there been progress toward understanding the conditions required to improve yields and immobilize its activity. Maintaining a high O2 tension is necessary to obtain good yeilds of hydroperoxides; whereas, partial anaerobic conditions can lead to hydroperoxide decomposition. Fatty hydroperoxides, obtained from lipoxygenase action, can serve as precursors for further transformation by either enzymes or chemical reactions. Well over one‐hundred products from lipoxygenase‐generated hydroperoxides of linoleic acid alone have been described. Examples will be given of the formation of fatty acids with epoxide, hydroxy, ketone, cyclic, and multiple functional groups. The cleavage of fatty hydroperoxides into short‐chain aldehydes and alcohols also will be described. Many of the products have biological activity, suggesting a significant physiological function for lipoxygenase.