Lipids are organic substances that are relatively insoluble in water but soluble in organic solvents. They include simple lipids like fatty acids, waxes, and glycerol; complex lipids like phospholipids, glycolipids, and lipoproteins; and derived lipids like steroids and fat-soluble vitamins. Lipids serve many important biological functions like energy storage, structural components of cell membranes, precursors to hormones, insulation, and transport of lipids between tissues.