Lipids are a group of hydrophobic biomolecules found in fats and oils. There are three main types of lipids: triglycerides, sterols, and phospholipids. Triglycerides store energy, while sterols sustain cell membrane structure and phospholipids form cell membranes due to their hydrophilic and hydrophobic regions. Phospholipids regulate membrane permeability and are involved in processes like fat absorption and cholesterol transport. Sterols regulate membrane properties and are precursors to steroids. Lipids serve important functions including energy storage, protection, insulation, and as structural components of cell membranes.