Safflower oil‐based oleogels were produced from beeswax and rice bran wax. Oleogels demonstrated higher oxidative stability than shortening at the cooking temperature. Peroxide values in shortening, rice bran wax oleogels, and beeswax oleogels samples were found in the range of 4.8–27.76, 13.21–20.45 and 4.30–7.72 meqO2kg−1 oil. Following oleogelation, there was no significant change in fatty acid composition of safflower oil. In addition, after baking process, the changes in the major fatty acids were not determined to be significant. Solid fat content ratios (carried out at 35°C) of rice bran wax oleogels, in beeswax oleogels and in shortening samples were defined in the range of 4.10%–7.70%, 0.80%–5.00%, and 9.61%, respectively. The highest oil binding capacity was revealed in beeswax oleogels with 99.93%–99.98%. The shortest crystallization time was determined as 3 min in oleogel containing 10% rice bran wax. Cakes consisted of oleogel were acceptable in terms of texture and sensory properties compared to cake produced with shortening. Sensory results revealed that some cakes produced with oleogels were found to be more acceptable as compared with control group samples. In this respect, oleogels produced with safflower oil‐based beeswax and rice bran wax could be used instead of commercial solid fat widely used in the cake industry.