The company, which turned over £30m last year, blamed trading losses and a competitive environment for the decision.
Richard Fleming, joint administrator and restructuring partner at KPMG's Leeds office, said: "The business has encountered difficulties as it has been making trading losses in the highly competitive environment of the food production sector. However, we are looking to continue to trade the business with a view to selling it as a going concern."
He said administrators are keen to hear from any parties interested in buying the business.
Oakdale employs a total of 350 staff across three sites in Doncaster, Morley and Wigan. It produces cakes, fruit pies, malt loaves and pies as own-label products for a number of supermarkets and retailers across the UK.
Oakdale parted company with its chief executive Des Kingsley six months ago. He had led it through a management buy-out in July 2004 from Oakdale's founder Marshall Capel. Andy Deutsch from the Thomas Food Partnership had been due to take over before the company went into administration.