High internal phase emulsions (HIPEs) were fabricated by rice bran protein and peanut oil under salt conditions and applied as fat substitutes in bread. The HIPEs offered a gel-like structure and showed significant improvement of stabilization and viscoelasticity at 200 mM Ca2+ due to abundant crosslinking of Ca2+ and protein nanoparticles. The replacement of margarine with HIPEs turned the contracted and fractured gluten network structure into a continuous and compact one in the dough, resulting in the improvement of bread texture properties with hardness and gumminess decreasing by approximately 40%. When the HIPEs treated with salt conditions, viscoelastic parameters such as storage modulus (G′) and loss modulus (G″) of the doughs were increased, thus fabricating breads with better fluffy and elastic characteristics. In addition, the HIPEs bread was abundant in unsaturated fatty acids (79.5%) compared to the margarine bread (43.9%). According to the result, the salt treated HIPEs bread showed better eating properties than the margarine bread, indicating high application feasibility of rice bran protein stabilized HIPEs in bakery foods.