Ethyl oleate is widely used as a solvent and carrier in pharmaceutical formulations, particularly for injectable drugs. It enhances the solubility of poorly water-soluble compounds, making it valuable in the preparation of long-acting injectable medications. In cosmetics, it serves as an emollient and skin-conditioning agent, providing a smooth texture and improving the spreadability of products. Additionally, it is utilized in the food industry as a flavoring agent and in the production of edible coatings. Its lubricating properties also make it suitable for industrial applications, such as in the formulation of lubricants and metalworking fluids.