Deodorizer distillates are waste products of edible oil processing industries obtained during deodorization process of vegetable oils. It is very cheap source of several health beneficial components such as tocopherols, sterols, squalene as well as free fatty acids which have numerous industrial applications. These valuable components are being used in different foods, pharmaceutical formulations and cosmetics. Traditional sources of these useful components are vegetable oils, fruits, vegetables and nuts. Global need of these important components has been exceeded than their availability. The deodorizer distillates of various vegetable oils are considered to be a rich source of several valuable components. Present review will cover brief introduction of common processing stages involved in all vegetable oil processing, analytical methods for characterization of deodorizer distillates by instrumental techniques, importance and commercial value of deodorizer distillates. Future prospective of current field may leads to cost efficient processes and increased attention on the nutritional quality of deodorized oil and commercial applications of deodorizer distillates as well as their valuable components.