SummaryEdible oleogels were developed using two oleogelators (beeswax and candelilla wax), at different concentrations of 6%, 9% and 12% w/w in virgin coconut and mustard oils using the direct dispersion method to study the techno‐functional characteristics. The different parameters including oil loss, temperature sweep tests, texture profiles and FT‐IR analysis demonstrated the formation of well‐structured oleogels with improved stability upon an increase in oleogelator concentrations. Crystal pattern exhibited by confocal scanning microscopy was majorly affected by the function of chemically distinct oils, more than the different oleogelators employed. It was found that the increase in smoke point was directly proportional to the level of oleogelator concentration in the oleogels, making them a suitable medium for frying. Intriguingly, on the basis of distinctive features, candelilla‐based oleogels were firmer with better and more stable crystals than beeswax‐based oleogels at the same level of concentration in both oils.