Oleogels have been extensively investigated in the food processing in recent years, and they have become one of the healthier alternative. The possibility of constructing oleogel material in a manner similar to hydrocolloid gel has now been gradually becoming a reality. In this regard, this review provides coverage of the latest developments and applications of oleogels in terms of preparation strategies, physicochemical properties, health aspects, and potential food applications. Both solid fat content and crystallisation behaviour are discussed for oleogels fabricated by gelators and under different conditions. Oleogels could replace hydrogenated vegetable oils in food product, reduce the fatty acid content, and be used to prepare food products such as meat, ice-cream, chocolate, bread, and biscuits with desirable properties. The aims were to assess the formation mechanism, construction methods of oleogels and the advance on the application of oleogel structures in the food field, as well as the further exploration of oleogels and in complex food systems in the future.