Oleogel has been used to replace or reduce solid fat content in various high‐fat products. The performance of oleogels in final bakery products has been widely demonstrated but the effects of oleogels on dough qualities are still rarely informed. In this study, two different oleogels were prepared by mixing expeller pressed high oleic soybean oil (EPHOSO) with either monoacylglycerol (MAG) or rice bran wax (RBX) at a concentration of 10 wt%, and were then used to replace shortening in both bread and cracker formula. The effects of oleogel type on the quality of bread and cracker doughs and the corresponding baked products were investigated. Rapid visco analysis implied that both bread and cracker doughs made with MAG oleogel yielded longer peak time and higher pasting temperature, indicating the potential of delaying the gelatinization. Farinograph and rheological measurements suggested that replacing shortening with MAG and RBX oleogels did not significantly change the dough property. With regard to the baked bread, both MAG and RBX oleogels retained the quality of bread similar as that prepared by shortening. In addition, MAG oleogel exhibited softening effect on bread crumb. Similarly, oleogels could create crackers with comparable quality when compared to shortening. Among the two oleogels, MAG oleogel also reduced the hardness of the baked crackers. Overall, the present study has provided evidence that EPHOSO based oleogel possesses a high potential to replace shortening without diminishing the quality of both bakery doughs and the final bakery products.