Lipids are a diverse group of naturally occurring organic compounds that are insoluble in water but soluble in organic solvents. They include fats, oils, and waxes and serve important biological functions like energy storage, cell membrane structure, and transport of fat-soluble vitamins and hormones. Lipids are classified as simple lipids like triglycerides, compound lipids containing additional groups like phospholipids and glycolipids, or derived lipids like steroids. Fats and oils differ based on whether they contain saturated or unsaturated fatty acids. Important lipids discussed in more detail include castor oil, obtained from castor seeds, and chaulmoogra oil from various Hydnocarpus plants.