Fat replacers are used to alleviate functional and sensory deficits in whipped cream caused by fat reduction. Of all known fat replacers, proteins have shown the most effective ability to replace fat due to their nutritional attributes and functional properties. Recently, several protein‐based fat replacers were investigated, but among all of them, the use of milk proteins and modified proteins, especially their complex with polysaccharides presented promising results. Therefore, due to the growing interest in this field, this review focussed on the mechanism for fat replacement with proteins and their complexes, and the characteristics of low‐fat whipped cream affected by these proteins, and finally considered the challenges and perspectives in the future.