Confidence votes 160. The answer to your question, is cholesterol a lipid is YES. The term lipids describes an entire class of fats and fat-like substances in the blood. Cholesterol is a type of lipid. Where blood is watery lipids can be identified by their waxy or oily consistency.Cholesterol is a fat-like substance with a waxy consistency that is produced in the livers of humans and other animals.he term lipids describes an entire class of fats and fat-like substances in the blood. Cholesterol is a type of lipid. Where blood is watery lipids can be identified by their waxy or oily consistency.