Fats and oils are composed of triglycerides, which are three fatty acids attached to a glycerol backbone. Fats can be solid or liquid depending on the type and saturation of fatty acids present. The degree of saturation determines melting point, with higher saturation leading to higher melting points. Fats provide essential fatty acids and vitamin E, and antioxidants help prevent rancidity. Different fats influence texture, flavor, and have varying smoke points impacted by degree of heating and processing.