Renewable resources provide a suitable platform to many sustainable developments as they have ability to grow again and again. The utilization of renewable raw materials is taking the advantage of synthetic 70 potential of nature built-in-design for biodegradability and low toxicity towards human being. Today, due to interdisciplinary approaches through research and technological innovation in synthetic chemistry, biosciences and engineering, it is possible to architect the specialty biomaterials from the spectrum of nature. Among different renewable resources vegetable oils obtained from the seeds of various plants represents a promising class of raw materials for chemical industries, owing to their universal availability, sustainability, biodegradability and excellent environmental credential. The vegetable oils are triglyceride of fatty acids. The fatty acids constitute about 94-96% of the total weight of the one mole of the vegetable oils and largely govern the properties. The fatty acid compositions of vegetable oils mainly vary with the plants; however, climatic conditions, environments and growing conditions are also responsible for notable variations. In present chapter efforts have been made to discuss the various physicochemical characterizations of vegetable oils and inference of the results. The spectral characterizations of vegetable oils are highlighted. Characteristic IR bands for the different functional groups present in triglyceride oils and its derivatives are summarized in tabular form. Position of signals, their integral values and splitting patterns in 1H-NMR spectra are very useful to assign the fatty acids in the particular vegetable oil. The S values in ppm for different types of protons present in the vegetable oils and their derivatives are provided. Several processes for the epoxidation of vegetable oils including enzymatic have been highlighted in view to optimize the various parameters like type of catalyst, temperature, molar ratios of the reactants. The direct and indirect utilizations of epoxidized oils in development of different practicable materials as a precursor of renewable resource for various industrial arenas are provided. In addition to these, materials derived from vegetable oils with antimicrobial properties also enlightened at the end of the chapter.