Cholesterol is a waxy substance made by the liver, essential for hormone production, digestion, and cell membrane integrity. It exists in two forms: LDL (bad cholesterol) which can lead to plaque buildup in arteries, and HDL (good cholesterol) that helps remove excess cholesterol from the body. Disorders related to cholesterol include hyperlipidemia (high levels) and hypolipidemia (low levels), with various causes and recommended lifestyle adjustments to manage cholesterol levels.