This review paper summarizes the current state-of-the-art of the chemical transformation of oils/fats (i.e., triacylglycerols) to the use of biofuels or bio-lubricants in the means of transport, which is a novelty. The chemical transformation is necessary to obtain products that are more usable with properties corresponding to fuels synthesized from crude oil. Two types of fuels are described-biodiesel (the mixture of methyl esters produced by transesterification) and green diesel (paraffins produced by hydrogenation of oils). Moreover, three bio-lubricant synthesis methods are described. The transformation, which is usually catalysed, depends on: (i) the type and composition of the raw material, including alcohols for biodiesel production and hydrogen for green diesel; (ii) the type of the catalyst in the case of catalysed reactions; (iii) the reaction conditions; and (iv) types of final products. The most important catalysts, especially heterogeneous and including reaction conditions, for each product are described. The properties of biodiesel and green diesel and a comparison with diesel from crude oil are also discussed.