Caveolins are primarily known as the main constituents of the protein coat of caveolae invaginations at the plasma membrane. They have also been found at the surface of intracellular lipid droplets but their function in this lipid storage organelle remains poorly understood. This paper reviews recent studies in adipocytes, the specialized cell type for fatty acid storage, which suggest a role for caveolins in the formation, maintenance or mobilization of lipid droplet stores. These new functions emerged from studies of fat cells in which caveolin expression was invalidated, highlighting the metabolic phenotype of caveolin-deficient mice or human patients who develop progressive lipoatrophy.