Palm oil consumption and its effects on serum lipid levels and cardiovascular disease in humans are still a matter of debate. This study aims to determine evidence-based assessments of the effect of Palm oil on serum lipid profile and cardiovascular disease. It also suggests a direction for future research. Relevant information from published animal and human experiments on the relationship of palm oil and its components on serum lipid profile and cardiovascular disease was also searched, reviewed, and the available evidence discussed. Most of the information in the literature targets consumers and food companies to discourage Palm oil consumption. The main argument against the use of palm oil as an edible oil is that it contains palmitic acid, a saturated fatty acid, and leads, by extrapolation, to high cholesterol and low-density lipoprotein cholesterol levels. However, there are many scientific studies that clearly show that Palm oil consumption in both animals and humans does not increase serum cholesterol levels and that Palm oil is not atherogenic. Apart from palmitic acid, Palm oil consists of oleic and linoleic acids, which are monounsaturated and polyunsaturated, respectively. Palm oil also contains vitamins A and E, which are powerful antioxidants. Palm oil has been scientifically proven to protect the heart and blood vessels from plaques and ischemic injuries. Palm oil consumed as a dietary oil as part of a healthy and balanced diet does not increase the risk of cardiovascular disease. Replacing it with other oils rich in mono- or polyunsaturated fatty acids provides little or no added benefit.