Lipids are classified into four main types: simple lipids, compound lipids, derived lipids, and miscellaneous lipids. Simple lipids include fatty acids and their esters, while compound lipids contain fatty acids combined with other groups like phosphate and carbohydrates. Derived lipids are formed from simple and complex lipids and include steroids and cholesterol. Miscellaneous lipids like carotenoids and squalene have lipid-like properties. Lipids serve important functions like energy storage, cell signaling, and as structural components of cell membranes.