Oils and fats have been used through the ages for the production of soap, detergents, and lubricants, among other things. The renewed interest towards the production of energy, materials, and chemicals from renewable biomass has led to new research efforts in the chemical and biological transformation of oils and fats. An overview of the area, including possible future trends, will be presented, as well as some work from our laboratory on the enzymatic transformation of oils and fats and the production of surfactants.