Puff pastry is an interesting food product having different industrial applications. It is obtained by laminating layers of dough and fats, mainly shortenings or margarine, having specific properties which provides required spreading characteristic and able to retain moisture into dough. To obtain these characteristics, pastry shortenings are usually saturated fats, however the current trend in food industry is mainly oriented towards unsatured fats such as olive oil, which are thought to be safer for human health. In the present work, a new product, based on olive oil, was studied as shortening replacer in puff pastry production. To ensure the desired consistency, for the rheological matching between fat and dough, a water‐in‐oil emulsion was produced based on olive oil, emulsifier and a hydrophilic thickener agent able to increase material structure. Obtained materials were characterized by rheological dynamic tests in linear viscoelastic conditions, aiming to setup process and material consistency, and rheological data were analyzed by using the weak gel model. Results obtained for tested emulsions were compared to theological properties of a commercial margarine, adopted as reference value for texture and stability. Obtained emulsions are characterized by interesting rheological properties strongly dependent on emulsifier characteristics and water phase composition. However a change in process temperature during fat extrusion and dough lamination seems to be necessary to match properly typical dough rheological properties.