Lipids are organic compounds that are insoluble in water but soluble in organic solvents. They serve as concentrated energy stores and structural components of cell membranes. Lipids are broadly classified into simple, complex, derived, and miscellaneous categories. Simple lipids include fats, oils, and waxes. Complex lipids contain additional groups like phosphate, carbohydrates, or proteins. Derived lipids result from hydrolysis of other lipids. Miscellaneous lipids include carotenoids and hydrocarbons.