Over the past few years, the market for cheese substitutes has been growing on account of the simple and cost‐effective production of these cheese‐like products. It is well established that the functional properties of cheeses are directly related to their composition. Therefore, the variation of fat in cheese substitutes certainly affects the characteristics of the cheeses. The purpose of this review was to summarize the latest research on the effects of milk fat replacement with vegetable oils on the rheological, textural, and microstructural properties of cheese analogues. The findings suggest that the primary effects of modifying fat in cheese analogues are associated with an alteration in the interactions among the components of the protein matrix, which varies because of milk fat extraction. Overall, changes in the functional properties of analogous cheeses will depend on the type of oil, the percentage of fat modification, and the type of cheese produced.