Bovine milk lipids (BML) contain a number of bioactive substances with positive as well as negative properties, mainly in the class of fatty acids. Besides trans fatty acids (TFA), conjugated linoleic acids (CLA) are of particular interest. Apart from ruminant meat products the main source of CLA in food are BML. Although TFA as well as saturated fatty acids (12:0-16:0) are thought to be positively correlated with atherosclerosis and coronary heart disease, CLA are considered antiatherogenic. Further, CLA are reported to reduce adipose fat and to have anticarcinogenic properties. The varying CLA and TFA contents of lipids from milk and dairy products are positively correlated with one another. However, TFA are also negatively correlated with 12:0-16:0 in BML. Anticarcinogenic effects are also ascribed to butyric acid as well as to some phospholipids and ether lipids present in BML. Moreover, the essential fatty acids 18:2n-6 and 18:3n-3 are found in BML which are involved in a variety of biochemical processes and thus have numerous functions in human metabolism. Contents of the individual bioactive components of BML are summarised taking into account also seasonal variations. The total content of bioactive substances in BML is approximately 75% but their overall impact on human health considering benefits and drawbacks is difficult to assess.