Processed meat products are preferred for the fast-paced and hectic lifestyles of modern-day consumers due to their wide range of options, ready-to-eat and convenience. Nevertheless, increasing awareness of health issues related to the high-fat content, which causes various chronic diseases, is putting pressure on the meat industry to produce low-fat and healthier but functional meat products. Thus, there is an urgent need for research on strategies to reduce or replace fat in meat products. The utilisation of fat replacers as a method to reduce the amount of fat in meat products is gaining interest among researchers and industries. Therefore, this chapter covers the current development in utilizing fat replacers in many applications in fat-reduced meat products, highlighting their benefits and drawbacks in terms of decreasing overall fat content, enhancing the composition of fatty acids and altering the technological and sensorial properties of products. The oil structuring strategy is the most practical because it retains solid-like properties while having a healthier fatty acid profile than other strategies. Finally, future prospects are proposed to provide new insights into the development of better low-fat meat products.