Societal Impact StatementNew sources of essential and other nutritionally and/or pharmacologically important fatty acids for human use can be discovered through bioprospecting. Demonstrating how fatty acids in plants and algae are distributed across a phylogeny is a critical first step in this process. Here, new sources of essential omega‐3 fatty acids that are critically important to human health were identified, such as green and Chromista algae, bryophytes and some angiosperm families. The identification of certain taxa that are high in critical fatty acids is important for developing new sources of these healthful compounds.Summary Essential fatty acids (EFA) including long‐chain omega‐3 and omega‐6 EFA are key nutrients that broadly support the health of individuals and the ecosystems they inhabit. Production of these EFA is critical to global nutritional security, and therefore, it is imperative to assess the distribution patterns of FA in plants to bioprospect new resources that do not threaten biodiversity. We used a meta‐analytic approach (phylogenetic signal analysis), which incorporated a wide variety of taxa to map FA profiles including both presence and abundance of specific FA and EFA onto a plant phylogeny including algae, bryophytes, pteridophytes, gymnosperms and angiosperms. Our phylogenetic signal analysis revealed that presence/absence of most FA of interest were randomly or ubiquitously distributed, while FA content was significantly clustered in specific clades for most key FA (including eicosapentaenoic acid (EPA), docosahexaenoic acid (DHA) and nervonic acid). Both green and Chromista algae displayed relatively high proportions of EPA and DHA, while green algae contained higher proportional amounts of stearidonic acid (SDA). Further, signal analysis revealed high proportional content of gamma‐linoleic acid (GLA) in bryophytes and some angiosperm families, suggesting potential sources for bioprospecting GLA. This analysis provides a crucial foundation for understanding the influence of phylogenetic relationships in the relative proportions of key FA in plants and algae across a diverse phylogeny. Furthermore, in demonstrating how fatty acids in plants and algae are distributed across a phylogeny, we provide a critical first step in bioprospecting for new sources of essential and other nutritionally‐ and/or pharmacologically important fatty acids for human use.