Triacylglycerols (TAGs) are derived from ester linkage of fatty acids (FAs) and glycerol and stored by plants in their seeds as carbon and energy resource to help seeds germinate and form self-sustainable seedlings. There are two main steps in TAG biosynthesis—biosynthesis of FAs in plastids and assembly of TAG in the endoplasmic reticulum. FA biosynthesis and TAG assembly is orchestrated by many transcription factors (TFs) which operate in gene regulatory networks by controlling the expression of some key genes coding for enzymes involved in the above processes. This review highlights the role of TFs involved in positive and negative transcriptional regulation of genes involved in accumulation of seed oil in Arabidopsis thaliana. Furthermore, epigenetic regulation of the expression of these key regulators of FA biosynthesis is elaborated. Also, the role of microRNAs in the regulation of target genes, including TFs, involved in FA biosynthesis, is discussed. Altogether, this review focuses on transcriptional regulation by TFs and chromatin remodelers, and post-transcriptional regulation of genes encoding for enzymes involved in FA biosynthesis and modifications by microRNAs. Manipulating the expression of these key factors can help increase seed oil content in oilseed crops.