Fat fractionation, as a key physical refining technology for enhancing oil quality and added value, has evolved from basic process optimization to innovative integration of multiple technologies. This paper systematically elucidates the principles and characteristics of mainstream fractionation techniques, including dry fractionation, solvent fractionation, surfactant fractionation, and supercritical fluid fractionation. By examining typical oils and fats such as beef tallow, sheep tail fat, palm oil, and coconut oil, the applicability and optimization pathways of different fractionation methods are analyzed. It is highlighted that process parameters, such as crystallization temperature, cooling rate, ultrasonic intensity, surfactant concentration, and stirring method, are the core factors influencing separation efficiency and the physicochemical properties of target components. In the dry fractionation of beef tallow, the unsaturated fatty acid content in the liquid oil can be increased by 6.37% to 7.94% through controlling the fractionation conditions. In the dry fractionation of palm oil, the liquid oil yield can be increased by 23.89% to 37.63% through varying ultrasonic intensity and treatment time. By comparatively analyzing the fractionation effects of different techniques, this paper further concludes that dry fractionation offers advantages in optimizing the physicochemical properties and fatty acid composition of oils. However, it presents drawbacks such as high time and energy consumption, difficulties in solid–liquid separation, and low yield in certain oils (e.g., palm oil and coconut oil). Ultrasonic-assisted fractionation can significantly reduce crystallization time without altering the physicochemical properties of the oil. Surfactant fractionation demonstrates higher efficiency and yield, while supercritical CO2 extraction exhibits high-precision separation potential. Finally, this paper outlooks the future direction of oil fractionation technologies toward intelligent control and the application of green solvents, and discusses how fractionation advancements may drive updates in industry standards, aiming to provide theoretical reference and technical support for precise oil fractionation.