The term “lecithin” is commonly used to refer to a complex mixture of naturally occurring phospholipids. A class of phospholipids, lecithins chemically exist as ester derivatives of phosphatidic acid. Lecithins are suitably modified to produce products possessing improved emulsifying properties besides increased dispersibility in aqueous systems. The products are used in a gamut of applications like food, pharmaceuticals, plastics, paints, coatings, cosmetics, pesticides, petroleum etc. The present review explores in great detail the various methods of producing structurally diverse lecithins and elucidates the advantages of these methods with regard to the specific applications of the modified products.