In this study, safflower oil oleogels were made using propolis wax and carnauba wax in three different concentrations each, and their effectiveness as a fat substitute in cake was evaluated afterward. Oleogels' oxidative stability and characterization were looked into. In oleogels, the oil binding capacity, solid fat content, and crystallization time were all assessed. The cakes underwent an examination for moisture content, texture, and sensory evaluation. Additionally, analyses of fatty acid composition, free fatty acidity, oxidative stability (peroxide value, conjugated diene‐triene), 3‐monochloropropane‐1,2‐diol (3‐MCPD), and glycidyl were carried out both before and after baking in oleogels and shortening. Several of the physical, textural, and sensory qualities of the oleogel‐based cakes were acceptable when compared to those of the shortening‐based cakes. The general acceptability of cakes made with carnauba wax was very high and almost under control. The acceptability of cakes made with propolis wax oleogels was lower than this. The study of these criteria has shown that safflower oil‐based carnauba and propolis wax oleogels can be utilized to produce high‐quality, healthful cakes with a high amount of unsaturated fatty acids.Practical Applications: To replace fat phases in cake products high in saturated fatty acids and to enhance the fatty acid profile of the cakes, safflower oil‐based oleogels with propolis wax and carnauba wax are a very good option. The results obtained provide useful information for the production of high‐quality cakes with higher unsaturated fatty acid content, recommended for a healthier diet, with these oleogels containing different concentrations of oleogelator.