diff --git a/crates/pptx/src/read/shapes.rs b/crates/pptx/src/read/shapes.rs
index 3954cee8..45f819e3 100644
--- a/crates/pptx/src/read/shapes.rs
+++ b/crates/pptx/src/read/shapes.rs
@@ -346,7 +346,8 @@ fn frame(imp: &mut Imp, part: &Part, ctx: &mut IdCtx, e: &El, depth: usize) -> S
         let mut pics = vec![];
         e.find_all("blip", &mut pics);
         pics.into_iter().find_map(|b| dml::media_ref(imp, part, b))
-    };
+    }
+    .or_else(|| vml_preview(imp, part, gd?.find("oleObj")?.attr("spid")?));
     let label = if let Some(o) = gd.and_then(|g| g.find("oleObj")) {
         o.attr("progId").or(o.attr("name")).unwrap_or("Object").to_string()
     } else if uri.ends_with("/diagram") {
@@ -375,6 +376,18 @@ fn frame(imp: &mut Imp, part: &Part, ctx: &mut IdCtx, e: &El, depth: usize) -> S
     s
 }
 
+/// A legacy OLE object's preview: the picture of its shape (`spid`) in the slide's VML drawing.
+fn vml_preview(imp: &mut Imp, part: &Part, spid: &str) -> Option<deckcraft_model::MediaId> {
+    let found = part.rels.all_of("vmlDrawing").find_map(|r| {
+        let doc = imp.pkg.xml(&r.target)?;
+        let mut shapes = vec![];
+        doc.root.find_all("shape", &mut shapes);
+        let relid = shapes.into_iter().find(|s| s.attr("id") == Some(spid))?.find("imagedata")?.attr("o:relid")?.to_string();
+        Some(imp.pkg.rels(&r.target).get(&relid).filter(|i| !i.external)?.target.clone())
+    })?;
+    imp.media_for(&found)
+}
+
 /// A diagram's data part, without the link to its cached drawing: that link is a slide
 /// relationship id, which a save renumbers. Only diagrams whose drawing is missing or empty get
 /// here, and those are drawn from their data.
diff --git a/crates/pptx/src/write/shapes.rs b/crates/pptx/src/write/shapes.rs
index 3df45c6c..09c3af2c 100644
--- a/crates/pptx/src/write/shapes.rs
+++ b/crates/pptx/src/write/shapes.rs
@@ -637,6 +637,7 @@ fn opaque(
     {
         let mut root = doc.root;
         set_rel_ids(&mut root, &ids, 0);
+        ole_fallback(&mut root, x, o, preview);
         let id = cx.id_for(s);
         set_cnvpr_id(&mut root, id);
         w.raw(&root.to_xml());
@@ -686,6 +687,36 @@ fn shape_with_id(w: &mut W, x: &mut Exp, o: &mut Out, cx: &mut Ctx, s: &Shape, i
     }
 }
 
+/// A legacy OLE object finds its preview in the slide's VML drawing through `spid`, and PowerPoint
+/// won't open the slide without it. We don't write that drawing, so write PowerPoint's own
+/// fallback form instead: no `spid`, and the preview as a `p:pic`.
+fn ole_fallback(root: &mut crate::xml::El, x: &mut Exp, o: &mut Out, preview: Option<deckcraft_model::MediaId>) {
+    let xfrm = root.child("xfrm").map(|t| {
+        let at = |e: &str, a: &str| t.child(e).and_then(|c| c.attr(a)).unwrap_or("0").to_string();
+        (at("off", "x"), at("off", "y"), at("ext", "cx"), at("ext", "cy"))
+    });
+    let Some(ole) = root
+        .elements_mut()
+        .find(|e| e.is("graphic"))
+        .and_then(|g| g.elements_mut().find(|e| e.is("graphicData")))
+        .and_then(|d| d.elements_mut().find(|e| e.is("oleObj")))
+    else {
+        return;
+    };
+    if ole.child("pic").is_some() || ole.attr("spid").is_none() {
+        return;
+    }
+    ole.attrs.retain(|(k, _)| k != "spid");
+    let rel = preview.and_then(|m| x.media_rel(o, m, "image")).unwrap_or_else(|| x.placeholder_rel(o));
+    let (ox, oy, cx, cy) = xfrm.unwrap_or_default();
+    let pic = format!(
+        r#"<p:pic><p:nvPicPr><p:cNvPr id="0" name=""/><p:cNvPicPr/><p:nvPr/></p:nvPicPr><p:blipFill><a:blip r:embed="{rel}"/><a:stretch><a:fillRect/></a:stretch></p:blipFill><p:spPr><a:xfrm><a:off x="{ox}" y="{oy}"/><a:ext cx="{cx}" cy="{cy}"/></a:xfrm><a:prstGeom prst="rect"><a:avLst/></a:prstGeom></p:spPr></p:pic>"#
+    );
+    if let Ok(d) = crate::xml::parse(pic.as_bytes()) {
+        ole.children.push(crate::xml::Node::El(d.root));
+    }
+}
+
 fn set_rel_ids(e: &mut crate::xml::El, ids: &std::collections::HashMap<String, String>, depth: usize) {
     if depth > crate::xml::MAX_DEPTH {
         return;
diff --git a/crates/pptx/tests/roundtrip.rs b/crates/pptx/tests/roundtrip.rs
index ddd62e17..7e4745fb 100644
--- a/crates/pptx/tests/roundtrip.rs
+++ b/crates/pptx/tests/roundtrip.rs
@@ -762,3 +762,25 @@ fn smartart_without_a_drawing_keeps_its_parts() {
     assert!(data.contains("Manager"), "{data}");
     assert!(!data.contains("dataModelExt"), "the link to a drawing that isn't written is dropped: {data}");
 }
+
+/// #203: a legacy OLE object (preview in the VML drawing we don't write) is saved in PowerPoint's
+/// fallback form, without `spid` and with a `p:pic` preview, or PowerPoint won't open the file.
+#[test]
+fn legacy_ole_object_is_written_in_the_fallback_form() {
+    let mut p = defaults::new_presentation(None);
+    let bin = p.add_media("oleObject1.bin", "application/vnd.openxmlformats-officedocument.oleObject", b"\xD0\xCF\x11\xE0not-a-real-ole".to_vec());
+    let prev = p.add_media("image1.png", "image/png", png(4, 3, [10, 20, 30]));
+    let xml = r#"<p:graphicFrame xmlns:p="http://schemas.openxmlformats.org/presentationml/2006/main" xmlns:a="http://schemas.openxmlformats.org/drawingml/2006/main" xmlns:r="http://schemas.openxmlformats.org/officeDocument/2006/relationships"><p:nvGraphicFramePr><p:cNvPr id="4" name="Object 3"/><p:cNvGraphicFramePr/><p:nvPr/></p:nvGraphicFramePr><p:xfrm><a:off x="0" y="0"/><a:ext cx="914400" cy="914400"/></p:xfrm><a:graphic><a:graphicData uri="http://schemas.openxmlformats.org/presentationml/2006/ole"><p:oleObj spid="_x0000_s1026" name="Slide" r:id="rId4" progId="PowerPoint.Slide.8"><p:embed/></p:oleObj></a:graphicData></a:graphic></p:graphicFrame>"#;
+    let parts = vec![("rId4".to_string(), "http://schemas.openxmlformats.org/officeDocument/2006/relationships/oleObject".to_string(), bin)];
+    let mut s = new_slide(&mut p, "OLE");
+    let mut frame = shape(&mut p, "Object 3", 0.0, 0.0, 72.0, 72.0);
+    frame.kind = ShapeKind::Opaque { xml: xml.into(), preview: Some(prev), label: "Slide".into(), parts };
+    s.shapes.push(frame);
+    p.slides.push(Arc::new(s));
+
+    let q = round(&round(&p));
+    let ShapeKind::Opaque { xml, parts, preview, .. } = &by_name(&q.slides[1], "Object 3").kind else { panic!("not kept as an object") };
+    assert!(xml.contains("<p:pic>") && !xml.contains("spid"), "{xml}");
+    assert!(preview.is_some(), "the preview picture is kept");
+    assert!(parts.iter().any(|(_, k, _)| k.ends_with("/oleObject")), "the embedding is kept: {parts:?}");
+}