Substitute Olive Oil for Butter To help you determine how to substitute olive oil in baking or other cooking recipes, use the chart to convert the quantity of butter called for in a recipe to the required quantity of olive oil. This conversion chart is more for baking recipes where quantities are critical. Just note, you cannot convert all recipes, for example cake frosting, where the item must stay solid at room temperature. You can also use olive oil for preparing a baking pan before adding the dough or other mixture. Simply brush the oil onto your favorite baking pan, cookie sheet, spring-form pan or other type of baking dishes or pans.