The growing awareness of the adverse health effects of trans‐fats and saturated fats are driving researchers to seek healthy alternatives. A promising strategy to structure liquid oil, called oleogelation, has been a subject of great interest. In the development of oleogels, highly unsaturated oils can be structured through different gelation mechanisms by varying structuring agents (e.g., polymeric or low molecular weight oleogelators). Due to their potential to reduce saturated fat in food products while also providing solid texture without changing the oil's chemical composition and nutritional values, oleogels have been introduced into various products (meat, spread, and confectionary) as alternatives to traditional solid fats. However, the shortcomings of oleogels cannot be ignored, such as the softer texture and the poorer plasticity than traditional solid fat. As the physicochemical properties and functionalities of oleogels are highly dependent on their composition and structuring mechanism, it is possible to obtain a product with desirable functionality by choosing a suitable oleogelator or oil phase. Thus, comprehensive and detailed knowledge regarding the role of oleoglarors, oil phase, and oleogelation mechanism on oleogelation is needed. This review primarily focuses on published information within the last decades addressing how the composition and oleogelation mechanism affect the structure and functionality of oleogels and oleogel‐based products. The factors affecting the oil gelation are summarized concerning three aspects: (i) oleogelator (chemical composition and molecular structure); (ii) oil phase (TAG composition and minor component); and (iii) oleogelation mechanism. Finally, the future perspectives toward oleogels are highlighted. This review aims to deepen the understanding of oleogelation and the rational design of oleogel‐based products.