Lipases are the most widely used class of enzymes in organic synthesis. Enzymatic processes have been implemented in a broad range of industries as they are specific, save raw materials, energy and chemicals, environmentally friendly and fast in action compared to conventional processes. The most notable benefit is the moderate process temperature and pressure with no unwanted side reactions. In the past two decades, intensive research was carried out towards enzymatic synthesis of oleochemicals. This review has a sharp focus on the current implemented enzymatic processes for producing different oleochemicals such as fatty acids, glycerin, biodiesel, biolubricant and different alkyl esters via different processes including hydrolysis, esterification, transesterification and intraesterification.