oleomargarinePronunciation: /ˌəʊlɪəʊˈmɑːdʒəriːn, -ˈmɑːgəriːn/Definition of oleomargarine noun [mass noun] a fatty substance extracted from beef fat and used in the manufacture of margarine. North Americanold-fashioned term for margarine.oleomargarine in other Oxford dictionaries Definition of oleomargarine in the US English dictionary