Fats consist of a wide group of compounds that are generally soluble in organic solvents and largely insoluble in water. Chemically, fats are generally triesters of glycerol and fatty acids. Fats may be either solid or liquid at normal room temperature, depending on their structure and composition. Although the words "oils", "fats", and "lipids" are all used to refer to fats, "oils" is usually used to refer to fats that are liquids at normal room temperature, while "fats" is usually used to refer to fats that are solids at normal room temperature. "Lipids" is used to refer to both liquid and solid fats, along with other related substances. The word "oil" is used for any substance that does not mix with water and has a greasy feel, such as petroleum (or crude oil) and heating oil, regardless of its chemical structure.

Fats form a category of lipid, distinguished from other lipids by their chemical structure and physical properties. This category of molecules is important for many forms of life, serving both structural and metabolic functions. They are an important part of the diet of most heterotrophs (including humans). Fats or lipids are broken down in the body by enzymes called lipases produced in the pancreas.

Examples of edible animal fats are lard (pig fat), fish oil, and butter or ghee. They are obtained from fats in the milk, meat and under the skin of the animal. Examples of edible plant fats are peanut, soya bean, sunflower, sesame, coconut, olive, and vegetable oils. Margarine and vegetable shortening, which can be derived from the above oils, are used mainly for baking. These examples of fats can be categorized into saturated fats and unsaturated fats.