AbstractEstolides are bio‐based oils synthesized from fatty acids or from the reaction of fatty acids with vegetable oils. Estolides have many advantages as lubricant base oils, including excellent biodegradability and cold flow properties. Promising applications for estolides include bio‐lubricant base oils and in cosmetics. In this review, the synthesis of estolides from fatty acids using four different types of catalysts, namely, mineral acids, solid acids, lipases, and ionic liquids, is summarized. The summary includes the yield of estolide obtained from varying synthetic conditions (time, temperature, catalyst). Also reviewed are studies comparing the physical properties of estolides synthesized from refined fatty acids against those synthesized from fatty acid mixtures obtained from vegetable oils such as coconut, castor, Physaria, etc. By varying the structure of the fatty acids, estolides with a wide range of pour point, cloud point, and viscosity are synthesized to meet a wide range of application requirements. Currently, estolide products are being commercialized for personal care and lubricant base oils for automotive, industrial, and marine applications. The application areas and the demand for estolides is expected to grow as the drive for switching from petroleum to bio‐based products keeps growing.