Production of structured lipids (SL) or tailor made fats provides an opportunity for cheap oils and fats to be utilized for the synthesis of high added value products. Much attention is being paid to SL due to their potential biological functions, industrial applications, and nutritional perspectives. The paper reviews the potential of waste cooking palm oil (WCPO) as an alternative substrate for the production of structured lipids especially for the production of high oleic palm oil. Utilization of waste cooking oil for biodiesel productions is well explored. However, WCPO utilization properties are still lacking scientific investigation due to limited chemical and physical functionalities. Therefore, enhancement of WCPO into high quality oil offers an alternative to be utilized for wide range of applications, thus reduce the environmental effect causes by its disposal problems. The paper also reviews and discusses the production of structured lipid via enzymatic acidolysis.