To develop an oleogel system based on black soybean oil bodies (BOBs) and explore its potential as a substitute for solid fats, BOB-based oleogels were constructed using the emulsion-templated method. Hot-air drying was employed as the drying method to replace freeze-drying, and two different preparation methods were developed. Specifically, BOBs were pre-mixed with soybean oil and then dried, with the obtained oleogels defined as pre-mixed oleogels. In contrast, BOBs were dried first and subsequently mixed with soybean oil, and the resulting oleogels were defined as post-mixed oleogels. The effects of preparation methods and the ratio of BOBs to oil (BOBs:soybean oil=1:0, 3:1, 5:1, 10:1, 15:1, 20:1) on oleogel properties were systematically evaluated, along with their performance as margarine substitutes in cookie applications. The results indicated that pre-mixed oleogels exhibited superior oil-binding capacity (99.1%) and oxidative stability compared with post-mixed oleogels. Both methods for preparing oleogels exhibited excellent thixotropic recovery properties. However, due to the limited gel network structure, the oil binding capacity and hardness of oleogels decreased with increasing soybean oil content. At the same oil ratio, pre-mixed oleogels exhibited higher hardness than the post-mixed oleogels. In baking applications, this affected dough texture, resulting in products with an overly hard mouthfeel. Post-mixed oleogels (BOBs:soybean oil=10:1) with hardness close to that of margarine were selected as margarine substitutes for cookie production. The results of the cookie characterization demonstrated that the incorporation of oleogels effectively slowed down the increase in moisture content during storage and enhanced crispness. At substitution ratios of 25% and 50%, there were no significant differences (P>0.05) in color, flavor, or overall acceptability between the product and the margarine cookies. This indicates that BOB-based oleogels can partially replace margarine in cookie applications.