Lupin seed oils extracted from bitter and sweet varieties were investigated for their physicochemical properties. There was no difference in the melting points of sweet and bitter types of oils. Iodine value of bitter lupin seed oil was higher than sweet type. There was a significant difference in the Saponification and ester value of both types of oils. The peroxide value of sweet oil was 1.97 ± 0.18 meq/Kg as compared to bitter type having 1.85 ± 0.21. The fatty acid profiles of the lupin seed oils showed that total unsaturated fatty acids were higher (11.35%) in bitter type than sweet i.e 9.63%. The predominant fatty acid in both oils was oleic acid. Its concentration in bitter oil was 52.22 ± 2.32% and in sweet oil was 44.93 ± 2.16%. Sweet lupin seed oil contained higher amount (42.06%) of total essential fatty acids as compared to bitter lupin seed oil (33.81%). Overall the amount of saturated fatty acids was lower than unsaturated fatty acids in both types of oils. Among tocopherols in both types, β fraction was not detected while γ fraction dominated. The other fraction i.e α tocopherol was significantly higher (5.41 ± 0.09 mg/100g oil) in bitter oil as compared to sweet type (4.96 ± 0.10 mg/100g oil). The oil classes like hydrocarbons (0.94 ± 0.06%), triglycerides (75.48 ± 0.87%), free fatty acids (9.26 ± 0.09%) and alcohols (0.55 ± 0.05) were higher in sweet lupin while steroids (4.32 ± 0.06%), diglycerides (7.79 ± 0.07%) and phospholipids (2.24 ± 0.08%) were higher in bitter lupin seed oil