Lipid metabolism plays an important role in determining athletic performance, particularly in relation to different energy system demands of track and field athletes. The comparative aspect of lipid metabolism among sprinters and long-distance runners, two cohorts of athletes with distinct physiological profiles and metabolic demands, is the subject of this narrative review. Sprinters utilize anaerobic energy systems predominantly, with minimal lipid oxidation during exercise, whereas long-distance runners use aerobic metabolism to a great extent, and therefore lipid utilization becomes important for long-term energy production. The review collates recent evidence concerning molecular adaptations, mitochondrial function, enzymatic activity, genetic polymorphisms, and nutritional interventions that influence lipid metabolism in these athletes. In addition, the paper discusses the effects of lipid metabolism on recovery, metabolic health, and performance optimization. Through an analysis of more recent research, this review highlights the value of particular training and diet interventions tailored to enhance lipid metabolic effectiveness based on the specific demands of sprint and endurance running.