Health guidelines recommend limiting saturated fat consumption due to adverse associations with low‐density lipoprotein cholesterol, a marker for cardiovascular disease risk. Recently, this advice is being questioned, since it does not account for the diversity of fatty acids present in different foods and may be overly simplistic. Current research suggests that for dairy foods and cheese in particular, a matrix effect exists, whereby the other components present interact with the overall structure, leading to health benefits. This review examines how factors in cheese production and processing impact this matrix, and considers how they affect biological function, and the potential impact on human health.