Abstract: A process for preparing a baked food product containing little or no fat, said process comprising: (a) preparing an initial mixture comprising from about 10% to about 35% by weight, as a percentage of the initial mixture, of an oat component selected from oat flour, oat bran, oat bran concentrate, defatted oat flour, defatted oat bran, defatted oat bran concentrate, and mixtures thereof, and the balance water; (b) hydrating the oat component in the initial mixture to form a hydrated mixture; (c) combining the hydrated mixture with flour and other necessary ingredients for preparing a baked product to form a baking mixture, wherein the amount of hydrated mixture combined is that amount sufficient to provide a low-fat or no-fat baked product having taste and textural properties which are substantially similar to the taste and textural properties of a full-fat version of the particular baked product; and (d) heating the baking mixture for a sufficient time and temperature to prepare a fully baked product.