The distribution of lipids in various milk fractions (cream, skim milk, casein, whey, and separator slime) was studied. Petroleum ether and chloroform-methanol (2 to 1) were used successively as solvents. The petroleum ether fraction is referred to as "free" lipid and the chloroform-methanol fraction as "bound" lipid. Neutral lipids were found in both the free and the bound fractions in milk. Phospholipids were found in the bound fraction only. The composition of the glycerides was determined by thin layer chromatography. The diglyceride and monoglyceride content of the bound neutral lipid fraction was much higher than that of the free neutral lipid fraction. No significant difference in the composition of the phospholipids was observed among the various milk fractions.