Refining degree has an important influence on the quality of camellia (Camellia oleifera) oil. The deterioration behaviors and lipid oxidation of three kinds of camellia oils, including camellia crude oil (CO), moderate refined oil (MRO), and refined oil (RO), during heating were investigated in this study. The results of deterioration behavior analysis showed that the oxidation degree was RO > CO > MRO. Tocopherol and polyphenolic substances in the oil might help delay oil oxidation. The lipid oxidation results indicated that the heating process had greater effects on CO and MRO than RO; it upregulated neutral lipid content and downregulated phospholipid content in terms of lipid changes and the multiplicity of differences. Glycerophospholipid metabolism was the most remarkable pathway and was important to study the heating process of refined oil. Moderate refining is good for retaining the beneficial lipids in camellia oil. The results of this study would provide a theoretical basis for camellia oil processing.