The lipids of honey and wax were extracted and separated by successive TLC with a variety of solvent systems. Every isolated fraction was tested for its ability to aggregate washed rabbit platelets or to inhibit PAF or thrombin induced aggregation. The biologically active compounds were subjected to FTIR, MS and 1H-NMR analysis. None of the honey lipids caused platelet aggregation, but six of them inhibited PAF and thrombin induced aggregation, although at remarkably higher concentrations than PAF. Their activity varies according to the origin of honey; The proposed structures for these compounds are: a) an 1-0-alkenyl-2-acetyl-3-acyl glycerol or an 1-O-alkenyl-2-acetyl-3-keto-acyl glycerol (for the most active) ; b) a polyhydroxysterol; c) and d) neutral lipids with ether and esters bonds and one of them ester with acetic acid. The results explain the pharmaceutical application of honey in cases of inflammation, as the above mentioned compounds are antagonists of the well know inflammatory mediator, PAF.