To investigate the disparities in product quality and storage stability between wax-based Korean pine seed oil gel and butter when used for frying steak, a comparative analysis was conducted on cooking loss, color, texture characteristics, sensory evaluation, and volatile flavor substances using headspace solid phase microextraction combined with GM-MS. Furthermore, the storage stability was assessed. The findings revealed that the cooking loss rate of steaks significantly increased with doneness, with butter steak exhibiting a significantly higher loss rate compared to the three oil gel steaks. Hardness, chewiness, and adhesiveness greatly increased as doneness progressed; however, cohesiveness, elasticity, and resilience showed minimal variation. The L* value and b* value of steaks initially increased before stabilizing with increasing doneness levels while the a* value first rose before gradually declining. Medium rare steak received the highest sensory score among all categories tested and 69 volatile flavor compounds were detected. Multivariate data analysis indicated similarities in volatile compounds between butter steak and BW (wax-based Korean pine seed oil gel) steak groups. Additionally, during storage at 4 °C temperature conditions pH level retention water content TVB-N (total volatile basic nitrogen), TBARS (thiobarbituric acid reactive substances) were evaluated to determine advantages or disadvantages within each group: Beeswax (BW) > Carnauba wax (CW) > Rice bran wax (RBW) > butter based on these parameters’ values. It can be concluded that utilizing wax-based Korean pine seed oil gel for frying steaks not only effectively retains significant amounts of unsaturated fatty acids but also preserves steak quality while extending shelf life—a healthier cooking method resulting in reduced oil absorption.