Lipid oxidation is a major cause of quality deterioration in food products. In these foods, lipids are often present in a bulk or in emulsified forms. In both systems, the rate, extent and pathway of oxidation are highly dependent on the presence of colloidal structures and interfaces because these are the locations where oxidation normally occurs. In bulk oils, reverse micelles (association colloids) are present and are believed to play a crucial role on lipid oxidation. Conversely, in emulsions, surfactant micelles are present that also play a major role in lipid oxidation pathways. After a brief description of lipid oxidation and antioxidants mechanisms, this review discusses the current understanding of the influence of micellar structures on lipid oxidation. In particular, is discussed the major impact of the presence of micelles in emulsions, or reverse micelles (association colloids) in bulk oil on the oxidative stability of both systems. Indeed, both micelles in emulsions and associate colloids in bulk oils are discussed in this review as nanoscale structures that can serve as reservoirs of antioxidants and pro-oxidants and are involved in their transport within the concerned system. Their role as nanoreactors where lipid oxidation reactions occur is also commented.