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The triesters of fatty acids with glycerol (1,2,3-trihydroxypropane) compose the class of lipids known as fats and oils. These triglycerides (or triacylglycerols) are found in both plants and animals, and compose one of the major food groups of our diet.
Quick Answer. Dr. Ananya Mandal explains on News Medical that lipids are mainly composed of hydrocarbons, and they are highly reduced forms of carbon. They make up the building blocks of the structure and function of living cells. According to About.com's Regina Bailey, lipids have diverse structures and functions. The main lipid groups are fats, phospholipids, steroids and waxes. Fats contain glycerol and three fatty acids. They can be either liquid or solid at room temperature. Those in liquid form are classified as oils, while those in solid form are called fats.