The color of carcass fat is an important factor in meat quality. To investigate the characteristics and changes in lipid metabolism of SAT in Mongolian cattle at 34 M of age compared with the control group, we evaluated the color, relative expression of genes associated with browning, and profiles of lipid metabolites by using qPCR and non-targeted lipidomics techniques. Overall, the yellowness value and relative expression of mitochondrial biogenesis–specific markers, thermogenic, UCP2, and beige adipocyte marker genes in the SAT of 34 M cattle were higher than those control (p < 0.05). Using multivariate analysis, 172 significantly different lipids (SDLs) were identified. Triacylglycerols (TGs) and phosphatidylcholines (PCs) had high relative contents with abundant unsaturated fatty acids. The upregulation of TGs observed in the SAT of 34 M cattle mainly consisted of medium- and long-chain fatty acids. Pathway analysis demonstrated that 172 SDLs were primarily involved in glycerophospholipid, glycerolipid, ether lipid, and sphingolipid metabolism. In summary, yellow fat of naturally grazed cattle was impacted by many factors such as lipid metabolism, browning genes expression and age. These findings provide new insight into the characteristics and metabolic pathways of adipose tissue in natural grazing Mongolian cattle.