Current status of catalytic chemistry and technology for the manufacturing of high production volume chemicals, such as biofuel, higher olefins, and higher fatty alcohols, from the renewable feedstocks-inedible oils and fats is discussed. Analysis of achievements in the area of fundamental research and industrial application of inedible oils and fats is presented. The dynamics of growth in the production of biodiesel and biokerosene over recent years is shown. Various types of feedstock and deoxygenation catalysts are described. Modern concepts of the mechanisms of this process based on the results of kinetic and quantum-chemical studies on model acids and catalytic sites are discussed. New ways of selective preparation of olefins from vegetable oils and fats via decarbonylation of higher fatty acids over Cu and Ni catalysts are discussed. Industrial processes and catalysts for hydrogenation of higher fatty acids and esters into corresponding alcohols are considered. Published data on the mechanisms of these reactions are surveyed.