Lipid metabolism involves several steps: 1. Digestion and Absorption: Dietary fats are broken down into fatty acids and glycerol in the digestive tract. 2. Transport: These components are transported to tissues via the bloodstream. 3. Catabolism: Fatty acids undergo beta-oxidation in the mitochondria to produce ATP, the energy currency of the cell. 4. Anabolism: Lipids can also be synthesized from smaller molecules through processes like lipogenesis.