Lipoblastoma is a rare benign neoplasm occurring exclusively in children below the age of three years. It affects chiefly the upper and lower extremities, and less commonly head and neck area, trunk, mediastinum, mesentery, and retroperitoneum. We present two cases of lipoblastoma occurring in the mediastinum of a 21-month-old boy and in the back of a 15-month-old boy. The characteristic features of Fine needle aspiration cytology smears were the presence of immature fat cells in the form of spindle-shaped cells, stellate cells and vacuolated lipoblasts along with lipocytes against a myxomatous background. Two tumors were histologically confirmed to be lipoblastomas. Lipoblastoma can be cytologically diagnosed by considering the cytologic findings and the age of the patient.