The food industry is increasingly directing its efforts to produce and commercialize functional foods where the reduction or even elimination of saturated fat is an important goal. This situation arises from the concern of many institutions and individuals worldwide on the growth of non-transmissible diseases, particularly cardiovascular ones. This article presents a revision of the most important research carried out on processed meat products production and looks at the topic from two principal points of view: the nutritional and technological function of fat and the way in which it is gradually being replaced in the above-mentioned products. Many ingredients have been used to substitute fat but while the results concerning the nutritional composition of the final products are generally acceptable, the sensory aspects are not completely solved. This review emphasizes the use of plastic fats because they allow the highest fat substitution levels during its process and consumption without affecting the product behavior.