Lipid nanoparticles (LNs) have emerged as advanced lipid-based delivery systems, offering an effective approach for encapsulating and protecting lipid-soluble bioactive compounds, increasing their bioavailability. Solid Lipid Nanoparticles (SLNs) and Nanostructured Lipid Carriers (NLCs) are particularly promising for bioactive compound entrapment. However, to fully exploit their potential, it is crucial to carefully select the appropriate lipid matrices and emulsifiers. This review offers a comprehensive, up-to-date examination, considering studies published in the last 15 years, of the chemical, physical, and structural characteristics of lipids employed in LN production, focusing on the key components of the formulations: lipid matrices, emulsifiers, and bioactive compounds. In addition, it provides an in-depth analysis of production methods, drawing on insights from the latest scientific literature, and emphasizes the most important characterization techniques for LNs. Key parameters, including particle size (PS), zeta potential (ZP), crystallinity, thermal behavior, morphology, entrapment efficiency (EE), load capacity (LC), and physical stability, are discussed. Ultimately, this review aims to identify critical factors for the successful production of stable LNs that efficiently encapsulate and deliver bioactive compounds, highlighting their significant potential for applications in food systems.