Refined olive pomace oil (OPO) was studied as an alternative to sunflower oil (SO) in oil-based cakes with anise essence, a traditional confectionery baked product in Spain. Partial and total oil replacements in cakes obtained at an industrial level were evaluated. The influence of processing and storage on the oxidation extent and the contents of oil bioactive components was investigated. Results showed a low oxidative impact of the processing, which was significantly lower for OPO. Oxidation was however considerably high in SO at the end of the shelf-life (6 months), presenting peroxide values higher than 150 meq/kg oil, and very low in OPO, with peroxides close to the limit for fresh refined oils (5 meq/kg). Oil blends containing 25 or 50 wt% OPO exhibited intermediate results. Bioactive oil components practically remained unchanged in the processing, but significant losses of alpha-tocopherol were detected after 6-month storage, with 30-50% losses for SO and ~15% for OPO. The levels of squalene also remained high in OPO (90%) and no significant changes were found for sterols, triterpenic alcohols or triterpenic acids. A consumer panel test showed no differences between the fresh samples, but clear preferences for the new OPO-containing products were found during storage.