Formulating gluten-free bakery products with acceptable physical properties generally requires a high amount of fat. As the fat used in these products is often high in saturated fatty acids, the objective of this study was to evaluate beeswax (BW) containing oleogels for partial replacement of the shortening in gluten-free aerated products. Oleogels prepared with BW were cocrystallized with a commercial cake shortening in the laboratory scale crystallization unit. Then, the resulting blends were evaluated in the gluten-free cake formulations. When the BW oleogel was used alone, the overrun values of the batter samples decreased, indicating reduced air-holding ability. Product porosity and specific volume of the samples were also diminished with complete replacement of the shortening with BW oleogel. Nevertheless, 45%, 30%, and 15% replacement of the shortening with BW oleogel resulted in batter and baked product properties comparable to those of the control products. Rheological and textural measurements, microscopy, and bubble size distribution suggested that gradual replacement of shortening with oleogels may be an alternative method for a partial reduction of saturated fat without altering the physical properties of gluten-free aerated products.