Animal fats and shortenings are frequently used in the preparation of different food formulations. However, these fat ingredients are rich in saturated fatty acids, and partially hydrogenated shortening contains trans fats, which have been associated to an increased risk of coronary heart disease. Consequently, nutritionists recommend a reduction in the content of saturated and trans fatty acids in the human diet. At the same time, eliminating solid fats from the food industry is a difficult endeavor because they are necessary for many food products to have the desired quality attributes. As a result, food scientists and technologists are working together to develop healthy fat substitutes for saturated and trans fats. Structuring edible oils into solid-like oleogels has attracted increasing interest from scientists, and many types of oleogels have been developed. Although some oleogels have shown potential applicability, the application of oleogels in the food industry at a commercial scale is limited because of some technological challenges. Therefore, this article aimed to explore recent advances in research performed to study the suitability of oleogels for the application in different food products. Challenges facing the application of oleogels in the food industry and future perspectives are also discussed.