The development of water-in-oleogel (W/Og) emulsions is highlighted, with focus placed on the key properties dictating the structuring ability of both the continuous oleogelled and dispersed phases present. The gelling ability of oleogelators is distinguished by the formation of crystalline structures, polymeric strands, or tubules. Once a dispersed aqueous phase is introduced, droplet stabilization may occur via oleogelator adsorption onto the surface of the dispersed droplets, the formation of a continuous gel network, or a combination of both. Surface-active species (added or endogenous) are also required for effective W/Og aqueous phase dispersion and stabilization. Processing conditions, namely temperature-time-shear regimes, are also discussed given their important role on dispersed droplet and oleogel network formation. The effects of many factors on W/Og emulsion formation, rheology, and stability remain virtually unknown, particularly the role of dispersed droplet size, gelation, and clustering as well as the applicability of the active filler concept to foods. This review explores some of these factors and briefly mentions possible applications of W/Og emulsions.