Glycerol is a simple polyol compound that serves as a backbone for triglycerides and phospholipids, playing a vital role in lipid metabolism. It is a three-carbon molecule with hydroxyl groups attached to each carbon, which allows it to interact with fatty acids to form esters, essential for creating fats and oils in living organisms. This connectivity makes glycerol significant in biological processes, especially in the formation of lipids that store energy and form cellular membranes.