Physically modified flours have high potential as fat-replacer in low-fat mayonnaise formulations as they are cheaper than modified starches and successfully respond to the consumers' request for clean label products. Starting from a standard fullfat ("FF", 80% oil) sample formulation, three mayonnaises with reduced-fat amount were produced (60%, 40%, 25% oil) substituting oil with a physically modified flour, used as fat-replacer. Mayonnaises (both untreated and pasteurised) were investigated for their physico-chemical properties and sensorial attributes. Emulsions were well formed for all mayonnaise formulations and presented acceptable consistency, with the only exception of the full-fat sample which was unstable after heating. High and comparable emulsion stability was noticed among reduced-fat mayonnaise samples. Mayonnaise with 25% oil content showed hardness and G″ comparable to FF, while mayonnaises with 40% and 60% oil content were harder and showed higher G′ than other samples. Overall, rheological results corroborate the ability of the fat-replacer to counterbalance the absence of fat gelling/thickening the continuous phase of the emulsion. Regarding the colour, a fading (L* increase and a* and b* decrease) of the product with increasing fat reduction was found. Sensory acceptability was positive for all the samples, with 40% oil mayonnaise being the most preferred. The colour of the reduced-fat mayonnaises was perceived as paler and the flavour less persistent than the FF sample. The physically modified corn flour was found to be a valuable fat replacer in reduced-fat mayonnaise.