This article describes the catalytic routes that are available for converting unsaturated fatty acid esters and related compounds, obtained from renewable resources, into useful chemical products via the olefin metathesis reaction. These routes offer new possibilities for the oleochemical industry as a contribution to a sustainable chemical industry. Highly selective homogeneous as well as heterogeneous catalyst systems have been developed for these metathetical conversions. Supported rhenium oxide catalysts are already active at room temperature, can be easily separated from the reaction mixture, and can be regenerated many times. New well-defined homogeneous ruthenium complexes are very effective catalysts, showing high turnover numbers. The present knowledge about the catalyst systems and the possibilities for practical applications for the metathetical conversion of unsaturated fatty acid esters and oils will be discussed.