Abstract: Lipases are carboxylic ester hydrolase enzymes, constituting the class of serine hydrolases, requiring no cofactor for their action. They have various substrates and produce glycerol and free fatty acids through the hydrolysis of fats and oils. Owing to their wide applications and the simplicity with which they can be mass-produced, these are a significant group of biotechnologically important enzymes. In addition, lipases have the special characteristic of operating at a lipid/ water interface. Present review focuses on the medical and therapeutic use of lipases. These enzymes and their inhibitors have applications with remarkable success for managing or even treating diseases such as cancer, obesity, atherosclerosis, and Alzheimer’s. Lipases have also been used to produce healthier fatty acids and low-fat cheese. The characteristic physicochemical and catalytic properties of enzymes make them ideal for biosensors and digestive aids in individuals with exocrine pancreatic inefficiency. Newer avenues open as deeper and more relevant studies are being conducted on newer lipases.