Abstract: Healthy weight is an action plan advocated in the "Three Reductions and Three Health" of the China National Healthy Lifestyle initiative. The development of the food industry is also significantly impacted by the dietary demand for "reducing oil and fat". However, the deterioration of the sensory characteristics of the products is often accompanied by the development of low-fat foods, leading to the emergence of the recent concept of fat replacement being brought about. Based on the impact of food on human health, the necessity of developing a fat replacement with Pickering emulsion (FPE) is reviewed in this paper. The latest research data are focused on in this review, and the effect of emulsion types and characteristics on the FPE, along with its application in food, is systematically summarized. This article primarily elucidates the effects of the oil-phase properties, textural properties, and gel characteristics of FPE on the quality of the final product. It is suggested by the current research findings that FPE—stabilized by proteins and polysaccharides—can effectively maintain food quality and are considered to have potential as emerging fat replacements. However, most of the current research on FPE is conducted at laboratory scale due to the lack of industrial production. The gap between relevant technological developments and industrialization in this field should be bridged by future research.