Essential fatty acids (EFAs)—linoleic acid (LA) and α‐linolenic acid (ALA)—are essential for the brain growth and development of humans. EFAs are readily available in the diet, and hence their deficiency is not common. But, to provide their full benefit, EFAs have to be metabolized to their long‐chain metabolites. EFAs form precursors to various prostaglandins (PGs), thromboxanes (TXs), leukotrienes (LTs), lipoxins (LXs), resolvins, neuroprotectins, isoprostanes, and hydroxy‐ and hydroperoxyeicosa‐tetraenoates. Certain PGs, TXs, and LTs have pro‐inflammatory actions, whereas LXs, resolvins, and neuroprotectins are anti‐inflammatory in nature and are critical for wound healing, the resolution of inflammation, and the repair of tissues. EFAs and some of their long‐chain metabolites inhibit the activities of angiotensin‐converting and HMG‐CoA reductase enzymes and cholesteryl ester transfer protein (CETP), enhance acetylcholine levels in the brain, increase the synthesis of endothelial nitric oxide, augment diuresis, enhance insulin action, and could regulate telomerase activity. Thus, EFAs and their metabolites may function as an endogenous “polypill.” In addition, EFAs and their long‐chain metabolites react with nitric oxide (NO) to yield respective nitroalkene derivatives that exert cell‐signaling actions via ligation and activation of peroxisome proliferator‐activated receptors (PPARs). Thus, EFAs and their derivatives have varied biologic actions that may have relevance to their involvement in several physiologic processes and clinical conditions.