The properties associated with lipids are dependent on the nature and extent of its fatty acid composition. Lipids are in general defined by their solubility properties. They are soluble in organic solvents (ether, petroleum ether, benzene, chloroform, alcohol, etc.) and sparingly soluble in water. Greasy in nature, they yield a permanent translucent stain when applied on paper. They are colourless liquids or solids, lighter than water and immiscible with it. More or less they are viscous and possess a characteristic odor (waxes are odorless). They are nonvolatile, cannot be distilled, and decompose on heating giving an irritating odor of acrolein. Oils and fats readily form emulsions when agitated with water in the presence of soap, gelatin, or other emulsifiers. On prolonged exposure to air, moisture, and light, they develop a rancid odor, which is due to the oxidation of esters partly due to microorganisms. Glycerides may be readily sapinified into glycerol and salts of fatty acids.

Oils such as linseed having a high degree of unsaturation absorb oxygen on exposure to air and undergo oxidation and polymerization forming a tough protective film on the surface. This property makes it a drying oil of much use in the paint industry. Some fixed oils like cotton seed oil, dry very slowly and are called semi-drying oils. The economic value of several oils of commercial importance is dependent upon their composition and purity.

Waxes are more resistant to saponification than fats and oils.