Palm mid fraction (PMF) was interesterified with edible beef tallow (BT) catalyzed using sodium methoxide to investigate the effects on the solid fat content (SFC) of these palmitic rich plastic fats. Interesterified blends crystallize more slowly than BT. Conversely, the crystallization rates of PMF-BT-based interesterification (IE) products were compared with the starting mixture and IE products prepared with non-PMF triglycerides. The SFC PMF-based IE products increased significantly at temperatures between 25 and 40 °C. The SFC profiles became smoother and the products had potential to serve as base oils for preparing specialty fats with a wider range of plasticity. Further exploration of triacylglycerol (TAG) compositional changes revealed that PMF interesterified products had greater saturated/saturated/saturated (S/S/S)-type TAGs compared with soybean oil interesterified products. Moreover, in subsequent evaluations of BT-PMF-based IE fats as a margarine replacement effects in a baked cake model system showed that the material was a suitable functional oil base with acceptable aeration properties and plasticity during baking. Therefore, it is a potential alternative to IE-BT based and traditional IE-BT-palm oil based margarines. The physical-characteristics of bakery products prepared with this fat exhibited improved cake volume with fine structure and clear lifting properties, which affirmed the potential for its application in bakery fats.