Lipids are hydrophobic substances, means they do not mix in water or dissolve in water. They dissolve in organic solvents like, alcohol,benzene etc.
Lipid is made of glycerol and 3 fatty acid chains.They aer called triglycerides. Also called triesters of glycerol because glycerol makes 3 ester bods with fatty acids.
If lipids are solid at room temperature, they are called fats.
If lipids are liquid at room temperature ,they are called oils.
So in simplest terms, lipids are nothing but fats and oils.
Lipids are concentrate sources of energy,they form cell membranes,hormones etc in the body.