Adipose tissue physiology plays an important role in the development of several obesity-related disorders. Dietary restriction regimens, i.e., daily calorie restriction (CR) or alternate-day fasting (ADF), have been shown to decrease the risk of these disorders. Whether changes in adipose mass or physiology are required for the beneficial effects of CR or ADF is an important question. Accordingly, this review summarizes the effects of CR and ADF regimens on parameters of adipose physiology, i.e., adipose tissue morphology, triglyceride metabolism, and adipokine release, and attempts to link these changes to indicators of chronic disease risk.