Eight different types of Bologna type cooked sausages apart from the control were produced in order to reduce the fat content (15%, 30%, 45%), replace the animal fat by olive oil (3%, 6.5% and 10%) as well as concomitant reduction and replacement of animal fat (30% of fat reduction with 2% of olive oil as an animal fat replacer). Quality attributes such as texture, water binding and color were monitored. Texture and water binding of fat reduced and fat replaced samples were quite similar to the control while color was strongly affected by the fat reduction and replacement. Fat reduction led to a redder cooked sausage and the addition of olive oil to a more yellow product. Chemical analysis revealed no major changes among samples apart from protein and fat content and fatty acid profile. Noteworthy, cooked sausage with more than 6.5% of olive oil achieved the World Health Organization’s recommendation on the nutritional fat index ((polyunsaturated + monounsaturated)/saturated fatty acid ≥ 2) which is very relevant to the development of healthier formulations. Cooked sausages with 45% of fat reduction and 30% fat reduced with 2% of olive oil were considered as the best by the panelists, which in addition had a balanced nutritional content by a lower caloric content. We concluded that fat reduction (up to 45%) and replacement (up to 10%) are possible with acceptable sensory quality and improved nutritional composition. When replacing animal fats by plant oils, the color of the product, which has a strong influence on the sensory acceptability of Bologna type cooked sausages, is affected. Therefore it must be controlled for a proper product development of meat products containing vegetable oils.