Bologna sausage, also called “la grassa”, is a very popular meat product despite its high fat content and lipidic profile raising serious negative health concerns. An emulsion gel containing olive, walnut, and chia oils, stabilized with soy protein isolate, transglutaminase, and chitosan, was used as total pork backfat replacer in Bologna sausage. The nutritional, textural, and technological properties were assessed and sensory analyses were conducted. Color, pH, and lipid oxidation were monitored during 18 days of cold storage (4 °C). A normal fat Bologna sausage was used as a control reference. A decrease in the n-6/n-3 ratio from 16.85 to 1.86 (by 9 times) was achieved in the reformulated product as compared with the control, while the PUFA/SFA ratio increased from 0.57 to 1.61. Color measurements indicated that the lightness and yellowness increased while redness slightly decreased in the reformulated product. The total substitution of pork backfat in Bologna sausage by the emulsion gel developed in the present study was realized without significantly affecting the technological properties, the oxidative stability and the overall acceptance by the consumers.