Excess consumption of total and saturated fats is linked to the development of chronic diseases, such as obesity, heart disease, diabetes, and cancer. There is therefore considerable interest in the development of foods containing lower levels of total and saturated fats, but that still have the same desirable physicochemical and sensory characteristics as the original foods. Solid fats normally contribute a number of key functional attributes to foods due to their ability to form crystalline networks that alter texture (such as elasticity, plasticity, and spreadability) and appearance (such as opacity and creaminess). The aim of this review is to provide an overview and to discuss the potential applications of food proteins as fat structuring agents that may be able to offer some of the desirable attributes normally supplied by saturated and trans fats. Previous studies have shown that globular proteins (such as whey proteins) trapped inside water‐in‐oil emulsions form protein microspheres when they are thermally denatured, which leads to the creation of highly viscous or solid‐like lipid phases, having higher rheological properties. These protein microspheres may therefore be useful for the development of reduced fat margarines and spreads with reduced level of saturated/trans‐fat contents. © 2020 Society of Chemical Industry