An edible oleogel comprising an oil, ethylcellulose and a surfactant is prepared by combining ethylcellulose with an edible oil and a surfactant, and heating the mixture to a temperature above the glass transition temperature of the ethylcellulose. Once the ethylcellulose has fully dissolved and the solution is clear, it is allowed to cool and set as a gel. The resulting oleogel is homogeneous, elastic, substantially anhydrous, and has a gelation temperature below 100° C. It can be used as a fat substitute in foods. Also provided are methods of making the oleogel, and food compositions containing the oleogel.