Structured lipids (SLs) are defined as triacylglycerols restructured or modified to change the fatty acid composition and/or their positional distribution in glycerol molecules by chemical or enzymatic processes. Chemical modification is commonly used in the food industry, but only randomized products can be made. Enzymatic modification is advantageous because only mild reaction conditions are required, minimal byproduct formation improves product yield, and the specificity of lipases allows for a better control over product characteristics and applications. They may be produced via different reaction types such as acidolysis interesterification and alcoholysis. The relationship between stereospecific fatty acid location and lipid nutrition suggests that the process of interesterification, or acidolysis could be used to improve the nutrition profile of certain TAGs. SLs have many applications in the food and nutraceutical industries in order to achieve desired functionality. They are mainly designed for special nutritional applications, especially to meet the growing need for healthier foods and to prevent obesity, cancer, and cardiovascular disease. In this chapter, the synthesis, health effects, and nutraceutical applications of structured lipids are discussed.