Until a decade ago, dietary lipids were the most misunderstood and ill-perceived dietary component in the human diet in terms of its relation with health. However, modern day research has provided empirical evidence to show the potential of certain classes of specialty lipids and their coproducts as fast-acting nutraceuticals. Lipid-based dietary components have been shown to provide health benefits in addition to basic nutrition and, hence, are designated as functional lipids. Functional lipids, which also include structured lipids (manipulated from natural sources by bioprocess technology), impede the manifestations of chronic diseases. These functional lipid molecules, often stated as nutraceuticals, have specific mechanisms of action against major lifestyle diseases and which have now been identified. Clinical evidences are also available, which corroborate these findings. The present focus of researchers in the field of functional food technology is to develop such formulations, including bioactive lipids to improve compromised health parameters at the genomic level. This chapter essentially highlights the multidomain progress in lipid research to counter major health challenges, such as diabetes, cardiovascular diseases, arthritis, impaired cognition, and neurological diseases. In particular, the therapeutic role of eicosapentaenoic acid, docosahexaenoic acid, conjugated linoleic acid, conjugated linolenic acid, γ-linolenic acid, pinoleinic acid, phytosterols, and marine phospholipids are being discussed. © 2018 Elsevier Inc. All rights reserved.