Recent advances in reactions which are useful in lipids industry and which are catalyzed by lipid-related enzymes such as lipases and phospholipases are reviewed. In the area of lipase-catalyzed reactions, types of reactions are first classified. As applications of lipase-catalyzed hydrolysis reactions, β-blocker synthesis, flavor formation and production of fatty acids are described. Various possible choices are presented for each industrial production of monoglyceride, cocoa-butter substitute and fish-oil enriched in polyunsaturated-fatty-acids. In the area of phospholipases-catalyzed reactions, process evaluation of lysolecithin production from soylecithin by phospholipase A2 and conversions of polar groups of phospholipids by transphosphatidylic action of phospholipase D are mostly reviewed.