In this study, the effect of various heating temperatures (61–70 °C) and times (1–10 min) on physical and chemical properties of liquid egg yolk (LEY) and mayonnaise were investigated. Initially, we found that the increase of LEY protein denaturation was highly correlated with the increase of temperature and time, without causing either protein degradation or aggregation. In addition, the viscosity and particle size of LEY were significantly increased with greater heating temperature and time. Furthermore, the emulsification stability of mayonnaise prepared from thermally processed LEY were significantly better than that of the unheated control group, in particular, the emulsion stability of mayonnaise was higher at a temperature ranging from 62 °C to 68 °C, whereas the emulsion stability decreased above 69 °C. A rheological analysis showed that mayonnaise prepared from thermally processed LEY has higher shear stress when compared with the control group. Indeed, a sharp increase in the shear stress was observed when LEY was heated above 67 °C. Results from storage behavior analysis suggest that mayonnaise prepared from thermally processed LEY failed to affect the chemical qualities of mayonnaise, as evidenced by the fact that acid values and TBA values were not statistically significant with the unheated control group. Microscopic observation indicates that the number of complete oil droplets were significantly reduced at higher heating (70 °C/5 and 10 min) conditions. Finally, the sensory evaluation results suggest that mayonnaise prepared from thermally processed LEY does not influence the appearance, aroma, taste, greasy feeling, and overall acceptance of mayonnaise, as indicated by there being no significant differences between the experimental group and the control group (p > 0.05). We conclude from our study that a combination of heating conditions over 67 °C/5 min can allow the mayonnaise to retain better quality in terms of stability.