Sperm oil is a waxy liquid obtained from sperm whales. It is a clear, yellowish liquid with a very faint odor. Sperm oil has a different composition from common whale oil, obtained from rendered blubber. Although it is traditionally called an "oil", it is technically a liquid wax. It is composed of wax esters with a small proportion of triglycerides, an ester of an unsaturated fatty acid, and a branched-chain fatty alcohol. It is a natural antioxidant and heat-transfer agent. In the late-18th and early-19th centuries, sperm oil was prized as an illuminant for its bright, odorless flame and as a lubricant for its low viscosity and stability. It was supplanted in the late 19th century by less expensive alternatives such as kerosene and petroleum-based lubricants. With the 1987 international ban on whaling, sperm oil is no longer legally sold.

The oil from bottlenose whales was sometimes called "Arctic sperm oil." It was cheaper than and inferior to true sperm oil.