An essential structural component of living cells, lipids are a class of oily organic compounds which are insoluble in water but soluble in fats and oils. The lipid class of molecules mainly consists of fats, oils and waxes.
Source: GreenFacts
Important lipids include fatty acids (saturated and unsaturated). They are a component of phospholipids and fats :
Source:
What is Life
Glossary of Scientific Terms