This study investigated the replacement of butter with soy wax (SW)/rice bran oil (RBO) oleogel in varied proportions in cookie dough and the resulting cookies. The study mainly evaluates the physical, textural, and chemical properties of the butter cookie dough and cookies by replacing butter with SW/RBO oleogel. The dough was assessed using moisture analysis, microscopy, FTIR Spectroscopy (Fourier Transform Infrared) and impedance spectroscopies, and texture analysis. Micrographs of the dough showed that D-50 (50% butter + 50% oleogel) had an optimal distribution of water and protein. D-0 (control sample containing 100% butter) showed the lowest impedance values. Moisture content ranged between 23% and 25%. FTIR spectroscopy suggested that D-50 exhibited a consistent distribution of water and protein, which CLSM and brightfield microscopy supported. Texture analysis revealed that the dough samples exhibited predominantly fluidic behavior. As the amount of oleogel was raised, the dough became firmer. The prepared cookies showed a brown periphery and light-colored center. Further, a corresponding increase in surface cracks was observed as the oleogel content was increased. Cookies moisture analysis revealed a range between 11 and 15%. Minute changes were observed in the texture and dimensions of the cookies. In summary, it can be concluded that replacing butter with oleogel by up to 50% seems to be feasible without significantly compromising the physicochemical properties of cookie dough and cookies.