As one of the widely recognized semi-solid plastic fat substitutes, oleogel can be used to replace food products, such as margarine and shortening oil, that contain high levels of saturated fatty acids (SFAs) and trans fatty acids (TFAs). This paper illustrates four methods for oleogel preparation, including direct dispersion. Besides, the paper presents the characteristics of various gelling agents for oleogels, along with the research status and progress of oleogel application in the food industry. Finally, this paper puts forward prospective outlooks for oleogel applications in food.