AbstractConsumer priorities in healthy diets and lifestyle boosted the demand for nutritious and functional foods as well as plant‐based ingredients. Avocado has become a food trend due to its nutritional and functional values, which in turn is increasing its consumption and production worldwide. Avocado edible portion has a high content of lipids, with the pulp and its oil being rich in monounsaturated fatty acids and essential omega − 3 and omega − 6 polyunsaturated fatty acids (PUFA). These fatty acids are mainly esterified in triacylglycerides, the major lipids in pulp, but also in minor components such as polar lipids (phospholipids and glycolipids). Polar lipids of avocado have been overlooked despite being recently highlighted with functional properties as well. The growth in the industry of avocado products is generating an increased amount of their byproducts, such as seed and peels (nonedible portions), still undervalued. The few studies on avocado byproducts pointed out that they also contain interesting lipids, with seeds particularly rich in polar lipids bearing PUFA, and thus can be reused as a source of add‐value phytochemical. Mass spectrometry‐based lipidomics approaches appear as an essential tool to unveil the complex lipid signature of avocado and its byproducts, contributing to the recognition of value‐added lipids and opening new avenues for their use in novel biotechnological applications. The present review provides an up‐to‐date overview of the lipid signature from avocado pulp, peel, seed, and its oils.