We studied deoxygenation of individual fatty esters and fatty acid triglycerides from vegetable oils and lipid extracts from microalgae in the presence of catalysts prepared by deposition of Pt–Sn-containing compounds onto the γ-aluminum oxide surface. Using individual esters as an example, selective reduction of oxygen into water was demonstrated for the first time to proceed on a catalytic system at the 5 : 1 molar ratio of Sn and Pt active components to afford hydrocarbon components of substrates in virtually quantitative yield. Transformation of vegetable oil in the presence of this catalyst affords the C3–C18 hydrocarbon fraction in yield up to 99% at the content of C3 and C18 hydrocarbons up to 90%. The fraction of C1 and C2 hydrocarbons and carbon oxides is not higher than 0.5%. The possibility of carbon weight loss minimization during transformation of lipids was shown for the first time.