Abstract: Adipogenesis is the process by which mature fat cells are formed from pre‐adipocytes. Adipogenesis has come under increasing scrutiny not only because the availability of reliable in vitro models makes it an attractive choice for developmental studies, but also because adipocytes are increasingly recognized as major players in a variety of physiological and pathophysiological states, such as obesity and type 2 diabetes. Adipocytes develop from mesenchymal stem cell precursors that are characterized by multipotency. Under the influence of various cues, these cells become committed to the adipocyte lineage. Further hormonal stimulation recruits these pre‐adipocytes to accumulate lipid, express fat‐specific markers, and become sensitive to the metabolic effects of insulin. A complex transcriptional cascade regulates this process, involving several distinct classes of transcription factor. In particular, the role of the nuclear hormone receptor PPARγ will be discussed, along with bZip family members C/EBPα, C/EBPβ, and C/EBPδ. The relationship of adipose depots to the lymphatic system will also be discussed.