Lipids are a small component in the wheat grain composition (2-4%) and roughly, two thirds (66%) of them are contained in the germ, 15% are in the bran and particularly in the aleuronic layer, whereas about 20% are distributed in the endosperm, partly within the starch granules. They include a variety of different structural types, i.e. carboxylic acids (or fatty acids); mono, di and triacylglycerols (triglycerides or neutral fats); phospholipids; glycolipids; waxes; terpenes; steroids and alkylresorcinols. This chapter reviews the importance of lipids in wheat kernels and their significance in wheat technology and products. It also addresses the significance of wheat lipids and associated substances in human nutrition. A discussion on the wheat germ and how this wheat germ can be used to produce wheat oil is also included.