Fatty acids and sterols are vital components of all eukaryotic cells. Both are used as building blocks for numerous cellular processes such as membrane biosynthesis or hormone production (sterols). Furthermore, these compounds elicit a variety of effects intracellularly as they can act as signalling molecules and regulate gene expression. The metabolism of fatty acids and sterols represents a very intricate network of pathways that are regulated in a precise manner in order to maintain lipid homoeostasis within a cell. Using the budding yeast Saccharomyces cerevisiae as a model system, we touch upon some of the aspects of achieving and maintaining this lipid homoeostasis.