The present study investigates the stability of an oleogel developed from extra virgin olive oil (EVOO) and candelilla wax (CDW) as a frying medium, including its 90-day storage stability under dark and light conditions and its effects on in vitro digestion. The findings of the chemical analyses indicated that the gel structure and its storage in darkness effectively reduced oxidation, whereas exposure to light accelerated oxidative degradation. In addition, the oleogel, when utilized as a frying medium, exhibited superior stability compared to EVOO. Furthermore, the oil absorption rate of sliced potatoes fried in EVOO was 14.51%, which was lower (p < 0.05) at 10.29% in potatoes fried in the oleogel. It was observed that during in vitro digestion, the gel structure reduced the interaction between lipase and oil, thereby slowing the formation rate of free fatty acids (FFA). As a result, the lipolysis rates in EVOO and the oleogel were 54% and 44%, respectively. Following in vitro digestion, α-tocopherol bio accessibility was determined to be 98% and 94% in EVOO and the oleogel, respectively, while bioavailability rates were 16% and 34%, respectively. The bio accessibility of β-carotene was found to be 53% and 41% for EVOO and the oleogel, respectively, while the bioavailability of β-carotene was 6% and 3%, respectively. These results indicate that the oleogel structured with CDW offers significant advantages in terms of storage stability and effectiveness as a frying medium. At the same time, the gel structure demonstrated a notable influence on the digestion of the components in EVOO.