About 80% of the palm oil and palm kernel oil and their fractions produced globally are used for edible purposes. The unique solid content profile of palm oil, and its excellent oxidative stability, high nutritional value and competitive price makes palm oil as one of the most utilized oils by food manufacturers. Palm Kernel oil which is derived from the flesh of the oil palm fruits' kernel is high in lauric acid and has a sharp melting, a character suitable for use in confectionery fats. Fractionation of palm oil into palm stearin, palm olein and Palm kernel oil into palm kernel stearin and palm kernel olein further enhances the usage of palm oil and Palm kernel oil in foods. Also, due to their high content of oleic acid and natural antioxidant (vitamin E) have excellent oxidative stability, hence, are a superior cooking and frying oil. Therefore, palm oil and palm kernel oil were extensively discussed as a major source of tocopherol and tocotrienols which are related compounds and also have vitamin E activity, their chemistry and metabolism were discussed as well. Palm oil and palm kernel history, compositions, processing, refining, uses, nutrition and health, producing countries, social and environmental impacts as well as markets were equally discussed in details with some recommendations at the end.