Summary This study investigates the potential usage of unsaturated vegetable oil oleogel to replace solid milk fat in processed cheese products (PCPs). Soybean oil was gelled using rice bran wax (RBW) or sunflower wax (SW) at two different concentrations and used to produce PCPs with final concentrations of 0.5% or 1% wax. An ungelled oil PCP and a commercial milk fat processed cheese (CC) were produced for comparison. Upon compositional analysis, moisture and fat content were similar between oleogel PCPs (OPCP) and the CC sample; however, lower saturated fat content was observed in the OPCPs. Samples’ microscopy analysis revealed that the incorporation of oleogels reduced oil agglomeration observed in the ungelled PCPs, which confirms the presence of a higher oil holding capacity in the OPCPs. Rheological and thermomechanical analysis demonstrated comparable hardness, storage modulus and meltability values between the OPCPs and the control samples. This study provides insight into the potential applications for oleogels in the replacement milk fat in processed cheese products with desirable properties.