Rancidity of oisl and fats is closely related to flavor deterioration,nutrient loss,biological damage and tissue aging. This article overviewed the evolution of lipid oxidation theory,with the theory of auto–oxidative free radical chain reaction as the focus. Besides,the research progress&relationship among autoxidation,photosensitive oxidation and enzyme–catalyzed oxidation was elucidated. Auto–oxidation is in a dominant position in the lipid oxidation. Photosensitive oxidation and enzyme–catalyzed oxidation may play a key role in the initiation of the reaction. Photosensitive oxidation may follow either type II pathway of singlet oxidation or type I pathway of free radical chain oxidation, depending on whether the excited photosensitizer abstracts hydrogen with substrate,or directly attacks the unsaturated double bond. Enzyme–catalyzed oxidation acts similarly to free radical chain reaction under aerobic conditions,and lipoxygenase will have no activity under anaerobic conditions.