Antarctic krill (Euphausia superb) plays a central role in the Antarctic waters Ecosystem. Antarctic krill likely has the largest biomass in multi-cellular animal species on the earth. It has been paid more attention on large biomass and potential value of Antarctic krill in recent years. Lipids derived from Antarctic krill have good nutritional properties, functional properties and applicable values. This paper reviews the distribution, content, composition, nutritional and functional properties of lipids derived from Antarctic krill, analyzes the captured time, captured location, age, growth stage and environment effect on the content, composition of lipids derived from Antarctic krill. This paper compares the advantages and disadvantages on the methods of lipid extraction, including physical, chemical and biological processes, introduces the processing and utilization technology on lipid derived from Antarctic krill in domestic and abroad. This paper also introduces that the stability of lipid and its products derived from Antarctic krill. In conclusion, this paper summarizes, analyzes and evaluates that the advance of research and utilization on lipids derived from Antarctic krill in domestic and abroad. It points out the direction of processing and utilization of Antarctic krill lipid and puts forward its prospect.