Synthesis, storage, and degradation of nonpolar lipids enable cells to continue cell metabolism when nutrients are no longer provided by the environment. Major nonpolar lipids occurring in yeast are triacylglycerols and steryl esters. These hydrophobic molecules are sequestered from the cytosolic environment in the core of special organelles termed lipid droplets. When nutrients are no longer available, hydrolytic enzymes catalyze the degradation of triacylglycerols and steryl esters. The respective breakdown products serve as energy source and/or building blocks for membrane formation. Here, enzymes catalyzing nonpolar lipid synthesis and degradation in the budding yeast Saccharomyces cerevisiae are described with special emphasis to their localization and regulation. Furthermore, since the formation of lipid droplets is not only affected in cells defective in polypeptides involved in nonpolar lipid synthesis and degradation, some examples are also presented describing the impact of mutations in polypeptides involved in the biogenesis of these organelles. Although research over the past decades provided major insights into nonpolar lipid metabolism, many aspects of nonpolar lipid synthesis, storage, and degradation remain to be elucidated. Research needs for a better understanding of nonpolar lipid turnover are outlined at the end of this chapter.