The autoxidation of unsaturated fatty acids and their esters is one of the most important reactions in food and biological systems. Autoxidation is a type of reaction between air oxygen and unsaturated plant oils. This reaction starts with a hydrogen abstraction on the methylene group adjacent double bond, leaving a radical onto the carbon atom. Molecular oxygen attacks this radical leading to produce peroxide and hydroperoxide derivatives of the oligomerized unsaturated plant oils. Because peroxide groups thermally cleave to produce free radicals, hydroperoxide derivatives of unsaturated plant oil oligomers can be used in the free radical polymerization of vinyl monomers leading to the related block/graft copolymers. The obtained copolymers combined with the biodegradable natural plant oil gain superior properties such as biodegradability and softness. In this review article, the in vitro autoxidation of well‐known unsaturated plant oils‐soybean oil, linseed oil, and castor oil and some related unsaturated fatty acids‐oleic acid, linoleic acid, and ricinoleic acid was carried out under atmospheric conditions with or without exposing white light. Because the autoxidized unsaturated oil/fatty acids contain peroxide/hydroperoxide groups (they are referred to as macro peroxide initiators) that they are used in the free radical polymerization of vinyl monomers to obtain block/graft copolymers. The improved polymerization conditions, characterization, and applications of the obtained products will be discussed.