PROBLEM TO BE SOLVED: To provide an emulsion composition used by kneading into dough during manufacturing bakery products, good in emulsion stability, and capable of finishing the bakery products good both in texture and flavor, and little in shrinking at baking, and to provide an oil and fat composition suitable as an oil phase of the emulsion composition.SOLUTION: There is provide an oil and fat composition for bakery containing a: diacyl glycerol of 0.1 to 30 mass%, b: organic monoacyl glycerol of 1 to 20 mass%, c: propylene glycol fatty acid ester of 2 to 10 mass%, d: saturated monoacyl glycerol of 5 to 30 mass%, e: unsaturated monoacyl glycerol of 1 to 10 mass%, and f: triacyl glycerol of 10 to 60 mass%. There is also provided an emulsion composition having the same as an oil phase.