Cholesterol (Ch) is one of the most important components of biological membranes, which has a significant impact on their biophysical properties. As a key component of lipid membranes, Ch along with other unsaturated lipids present in a biological membrane undergoes oxidation reaction during oxidative stress. Cholesterol oxidation products, cholesteryl esters and metabolites are also localise in lipid membranes, where they may modify membrane properties. In this work the impact of cholesterol, selected cholesteryl esters, cholesterol oxidation products and metabolites on lipid peroxidation induced by photodynamic action has been studied using EPR oximetry and direct detection of singlet oxygen phosphorescence at 1270 nm. The obtained rate constants values of interaction of selected lipids and sterols with singlet oxygen indicate that the tested compounds are not efficient singlet oxygen quenchers. Nevertheless, the presence of sterols modifies to different extend the oxygen photoconsumption rate in peroxidisable liposomes.