Walnut oilcake is a low-cost by-product of the edible oil industry but at the same time it is a valuable source of dietary fiber, natural antioxidants, and polyunsaturated fatty acids. In the context of health-friendly confectionary food products and to reduce the production cost, the aim of this study was to investigate the effect of walnut oilcake by-product on the quality characteristics and volatile profile of modified macarons. For this purpose, GC-MS and ITEX/GC-MS techniques were used to obtain the fatty acids methyl esters and the volatile profiles; physicochemical analyzes were performed to determine the nutritional characteristics and a nine-point hedonic scale test was performed for the sensory characteristics. The substitution of almond flour with 0%, 10%, 25% and 50% walnut oilcake powder increased the fiber, total phenolic content, and antioxidant capacity. Hedonic scores of the macaron samples made with different percentage of walnut oilcake decreased to additions of over 10%. Moreover, this result is emphasized by Pearson’s correlation parameters indicating as optimal addition for modified macarons, percentages up to 10% of walnut oilcake. This approach could reduce the costs related to the acquisition of the ingredients due to the oilcake price which is 3% of the almonds flour price.