Phospholipase A 2 (PLA 2) is a group of enzymes that hydrolyze the sn-2 position of glycerophospholipids to yield fatty acids and lysophospholipids. Of many PLA 2s or related enzymes identified to date, secreted PLA 2s (sPLA 2s) comprise the largest family that contains 10 catalytically active isozymes. Besides arachidonic acid released from cellular membranes for eicosanoid synthesis, several if not all sPLA 2s have recently been implicated in hydrolysis of phospholipids in lipoprotein particles. The sPLA 2-processed low-density lipoprotein (LDL) particles contain a large amount of lysophospholipids and exhibit the property of “small-dense” or “modified” LDL, which facilitates foam cell formation from macrophages. Transgenic overexpression of these sPLA 2s leads to development of atherosclerosis in mice. More importantly, genetic deletion or pharmacological inhibition of particular sPLA 2s significantly attenuates atherosclerosis and aneurysm. In this article, we will give an overview of current understanding of the role of sPLA 2s in atherosclerosis, with recent lipidomics data showing the action of a subset of sPLA 2s on lipoprotein phospholipids.