Fat provides important sensory properties to baked food products, such as colour, taste, texture and odour, all of which contribute to overall consumer acceptance. Baked food products, such as crackers, cakes and biscuits, typically contain high amounts of fat. However, there is increasing demand for healthy snack foods with reduced fat content. In order to maintain consumer acceptance whilst simultaneously reducing the total fat content, fat replacers have been employed. There are a number of fat replacers that have been investigated in baked food products, ranging from complex carbohydrates, gums and gels, whole food matrices, and combinations thereof. Fat replacers each have different properties that affect the quality of a food product. In this review, we summarise the literature on the effect of fat replacers on the quality of baked food products. The ideal fat replacers for different types of low-fat baked products were a combination of polydextrose and guar gum in biscuits at 70% fat replacement (FR), oleogels in cake at 100% FR, and inulin in crackers at 75% FR. The use of oatrim (100% FR), bean puree (75% FR) or green pea puree (75% FR) as fat replacers in biscuits were equally successful.