Rancidity refers to the decomposition of fats and oils, primarily caused by oxidative and hydrolytic processes, leading to unpleasant odors, flavors, and nutritional loss. It is particularly significant in culinary contexts, as rancid fats are linked to serious health issues like heart disease and cancer. To minimize rancidity, antioxidants are used and storage conditions should be optimized to limit exposure to oxygen, heat, and light.