Oils and fats are vital constituents in our daily diet, which provide energy, essential fatty acids, and serve as a carrier of fat soluble vitamins. In India, about 80% of the edible oils such as ground nut, sunflower, safflower, mustard, rice bran and coconut oil as well as hydrogenated fats are used for cooking and frying. During frying several undesirable physical and chemical changes occur in oils/fats such as hydrolysis, oxidation as well as thermal decomposition and thermal polymerization. Extensive research has been reported in literature to describe the chemical changes in frying oils, but very few have attempted to relate these chemical changes to the physical and thermal properties of the oil. Physical properties of oil influence its heat transfer characteristics during immersion frying. There is an awareness regarding the utilisation of blended oil for culinary uses. The blended oil was reported to show higher oxidative stability, less free fatty acid and less polar compound formation as well as higher heat stability during frying operations. However, biotransformation of edible oil through enzymatic interesterification holds further promise as such modifications produce clear, transparent, homogeneous, highly stable oils with improved physical and/or thermal characteristics. These various aspects is addressed in this investigation.