<p>Excessive consumption of saturated fatty acids is associated with an increased risk of cardiovascular diseases, highlighting the need for alternative fat sources that can improve the lipid profile of meat products without compromising their technological properties. This study investigated the effect of replacing animal fat (pork jowl) with collagen–agar emulsion gel at levels of 0, 25, 50, 75, and 100% on the quality characteristics of model meat systems. Meat batters showed no significant differences in pH before heat treatment. Increasing levels of pork jowl replacement reduced apparent viscosity and increased thermal loss at substitution levels of 50% and higher. After heat treatment, fat replacement did not affect the color parameters of the meat blocks. Higher substitution levels (75–100%) resulted in increased collagen content and reduced energy values compared to the control sample. Incorporation of the emulsion gel enhanced springiness and chewiness, whereas complete replacement led to reduced hardness. Even low substitution levels favorably modified the lipid profile by decreasing saturated fatty acid content and the atherogenic/thrombogenic index, while increasing the polyunsaturated fatty acid content, the hypocholesterolemic-hypercholesterolemic ratio, and the health-promoting index. In addition, samples with partial replacement (25–50%) exhibited improved oxidative stability, as indicated by over 1.5-fold longer oxidation induction times and approximately 35% lower peroxide values compared to the control sample. Overall, collagen–agar emulsion gel was shown to be an effective partial fat replacer in model meat systems, with a 50% substitution level emerging as a favorable compromise between physicochemical properties, nutritional quality, and oxidative stability. Further studies are needed to elucidate the structure–function relationships of collagen–agar emulsion gels in meat systems.</p>