A gelled emulsion (GE) prepared with hemp oil and buckwheat flour was used to replace pork back fat in frankfurters. Five different formulations were prepared: control (with 35% pork back fat—SC), and the following four to achieve 25%, 50%, 75%, and 100% pork back fat substitution by GE (S1, S2, S3, and S4, respectively). Nutritional, technological, and sensorial characteristics of frankfurters were evaluated. Sausages containing GE presented a lower total fat content with a higher amount of polyunsaturated fatty acids, increased omega 3 content, and reduced saturated fat by up to 55%. The incorporation of GE did not significantly modify technological properties such as emulsion stability or lipid oxidation in spite of using vegetable oils highly susceptible to oxidation. The reformulation of the frankfurters presented a greater effect on the texture and sensory properties when GE was used as total substitution for the pork back fat (S4). When GE was used only as partial substitution for the pork back fat, sausages similar to control frankfurter were obtained. So this study demonstrated that the use of GE could be a promising strategy in the reformulation of healthier meat products.