The potential of lipases (E.C.3.1.1.3.) as biocatalysts for the production of fatty acid derivatives for the food and nutraceutical industries, such as flavoring esters, fatty acid esters of antioxidants and structured lipids, is enormous, mainly due to their high regio- and stereo-selectivities, in addition to the other well-known advantages of enzymatic processes. The replacement of chemical catalysts by lipases presents great benefits in terms of the nutritional properties of the obtained products and environmental care. The reactions performed for the production of these compounds, as well as the best operation conditions, the biocatalysts used, reactor types and operation mode, are addressed in this review.