Oleochemicals are used in the chemical industry in numerous processes and applications, having the largest share among all other renewable resources. Besides the well‐known transformations performed at the carboxylic moiety of the alkyl chain, many natural occurring fatty compounds offer a further opportunity for refinement, that is: catalytic functionalization of the CC double bond. In the present review, the authors describe the mission of the scientific work that is performed at the chair of Technical Chemistry at the TU Dortmund towards selective and atom economic functionalization of oleochemicals. Special emphasis lays on homogenous transition metal catalysis towards potential applications of the resulting products and their continuous production in miniplant scale. The given examples are discussed in the context of the work of other groups and summarize recent developments in the field of addition and fission reactions of oleochemicals.The Mission of Addition and Fission—The functionalization of oleochemicals using homogeneous transition metal catalysis is a very elegant way for producing valuable chemicals via many possible pathways. In this review, recent contributions to e.g. addition or cleavage reactions by Behr's group at the TU Dortmund are presented and discussed in the context of relevant literature, highlighting their significance in this important field of oleochemistry.