Lipids are among the most abundant and essential cell components. Specifically, cytoplasmic lipid droplets (LDs) play crucial roles in cellular energy homeostasis. The foci of this review are (1) the composition and roles of lipids during oocyte maturation and early embryonic development, (2) possible causes of cryoinjuries in lipid-rich oocytes/embryos, and (3) ways to overcome these detrimental effects. Recent reports show that LDs in oocytes and embryos are not only energy depots but also are active organelles, possessing many other functions. In addition, analysis of the current literature confirms that lipid phase transition followed by phase separation during cryopreservation is one of the major causes of cryodamage in lipid-rich oocytes and embryos. While LDs and cell membranes are sensitive to chilling and freezing conditions, recent advances in vitrification and delipidation of lipid-rich oocytes and embryos partly mitigate cryodamage. The multidisciplinary approach is critical to reveal mechanisms underlying cryodamage and provides a theoretical basis for optimal cryopreservation of lipid-rich oocytes/embryos.