Lipids are widely distributed in nature and are one of the most important components of natural foods, synthetic compounds, and emulsions. To date, there is a strong social demand in the industrial sector for the use of sustainable products with a minimal environmental impact. Depending on their origin and composition, lipids can be employed as a plausible alternative as biodegradable lubricants in order to reduce the use of conventional mineral oil lubricants and mitigate their environmental impact. This perspective provides an overview of the advantages and constrains of vegetal oils under different lubrication regimes and the tribochemical reactions that can take place. Also, the different factors and pathways that influence their oxidation, the key role of moisture, and the changes of physical properties under pressure and temperature are reviewed. Special emphasis is devoted to the oxidation instability of fatty acids and vegetal oils and the physical and chemical approaches to improve oxidative and thermal stability are described in detail.