The present invention addresses the problem of providing a foamable oil-in-water emulsified product, and an oil or fat composition used in same, the product having: good emulsifying stability when used in a foamable oil-in-water emulsified product； excellent workability, foamability, and external appearance when whipped； good shape retention, resistance to water separation, and decorating and squeezing workability； and, despite being vegetable-oil-based, having a mouthfeel and dairy flavor similar to that of fresh cream when eaten. The problem is resolved by having the lauric acid content, P2O content, and P2O PPO content of fatty acids constituting a transesterified oil or fat in lipase transesterification, in which palm oil or fat and lauric oil or fat are used as starting materials, be adjusted to 8-24 wt%, 5-18 wt%, and 30-60 wt%, respectively； and by adjusting a foamable oil-in-water emulsified product using an oil or fat composition including the transesterified oil or fat.
