This review focuses on the kinetics of several modes of immobilization of lipases, on the mechanisms of reactions of activation of immobilized lipases, and on the kinetics and mechanisms of reactions catalyzed by immobilized lipases. A comprehensive overview of the state of the art pertaining to structural features of lipases is provided as an aid to understand immobilization, interfacial activation, and catalytic performance. General rate expressions are duly derived; more frequent simplifying assumptions are stated and the results thereof listed. Physicochemical and statistical significance of parameters in rate expressions fitted to experimental data are also discussed whenever possible.