Cocoa butter is an essential component in chocolate production, contributing to its texture, crystallization, and sensory attributes. However, its fatty composition and high production costs, sustainability concerns, and health issues have led to the search for alternatives to partially replace this fat. Understanding the rheological and textural characteristics of cocoa butter is essential to ensure the stability of the final product. This research aimed to evaluate the structural, rheological, and textural attributes of emulgels for partial cocoa butter substitution in chocolate production. A total of nine distinct emulgels were created using coconut oil, high oleic sunflower oil, rice bran wax, and monoglycerides as the foundational components of the formulations. These were combined with hydrocolloids, including pectin (P), gelatin (G), or xanthan gum (X), at concentrations of 1%, 2%, and 3% in the aqueous phase, maintaining a ratio of 8:2 (v/v). Analyses such as rheology, texture, and visual were performed. The visual analysis revealed a homogeneous, solid-like material with no signs of phase separation in all samples. The microscopy analyses confirmed that the samples presented well-formed crystalline networks with small homogeneous crystals. Emulsions containing G exhibited higher viscoelasticity compared to those containing P and X. However, an important observation was that samples containing more than 2% hydrocolloid displayed black spots resembling holes in the micrographs. These structural discontinuities suggest the presence of voids or phase separation, which likely disrupted the integrity of the crystal–polymer network. Consistently, these samples showed a direct impact on their rheological parameters, indicating that excessive hydrocolloid concentrations negatively influenced the uniformity and stability of the matrix. The sample containing 2% rice bran wax, 5% monoglycerides, and 3% gelatin showed good oil entrapment and good rheological and texture characteristics and is an excellent candidate for partially replacing cocoa butter in chocolate manufacturing.