This document defines and describes various types of lipids. It begins by explaining that lipids are a heterogeneous group of compounds related to fatty acids, fats, oils, waxes and other substances. It then discusses the basic components of lipids like fatty acids, glycerol and their esters known as triglycerides. The document further classifies lipids into simple lipids, compound lipids and derived lipids. Various types of phospholipids, glycolipids, sterols and terpenoids are also explained. Physical and chemical properties of lipids are outlined along with their important functions in living organisms.