Lipids are major cell constituents endowed with astonishing structural diversity. The pathways responsible for the assembly and disposal of different lipid species are energetically demanding, and genes encoding lipid metabolic factors and lipid-related proteins comprise a sizable fraction of our coding genome. Despite the importance of lipids, the biological significance of lipid structural diversity remains largely obscure. Recent technological developments have enabled extensive lipid analysis at the single cell level, revealing unexpected cell–cell variability in lipid composition. This new evidence suggests that lipid diversity is exploited in multicellularity and that lipids have a role in the establishment and maintenance of cell identity. In this review, we highlight the emerging concepts and technologies in single cell lipid analysis and the implications of this research for future studies.