The review covers the various fields of applications of esterolytic and lipolytic enzymes in organic synthesis. In the past decade this class of biocatalysts has provided a plethora of valuable transformations of simple achiral or prochiral substrates into optically active building blocks for organic synthesis. Emphasis is put on enantioselective and/or regioselective transformations of racemic and/or multifunctional substrates. Equivalent reactions of proteases or amidases are mentioned in relevant cases. The industrially important interesterification of lipids is not included. 1. Introduction 2. Enzymatic Transformations of Prochiral and meso Substrates. 2.1 Synthesis of Chiral Dicarboxylic Acid Monoesters 2.2 Synthesis of Chiral Monoacyl Diols 3. Kinetically Controlled Transformation of Racemic Substrates 3.1 Synthesis of Optically Active Acids and Esters via Hydrolysis 3.2 Aliphatic and Aromatic Monohydroxy Substrates 3.3 Cyclic Monohydroxy Substrates 3.4 Dihydroxy Substrates 4. Intra- and Intermolecular Transesterification of Hydroxy Acids 5. Sulfur and Halogen Containing Substrates 6. Nitrogen containing Substrates; Formation of Peptide Bonds 7. Enzyme-Catalyzed Acylation and Deacylation of Polyhydroxy Compounds (Sugars) 8. Silicon-Containing Substrates 9. Organometallic Substrates 10. Immobilization and Modification of the Biocatalysts 11. Concluding Remarks