Double emulsions (W/O/W) with compartmentalized structures have attracted a lot of research interests due to their diverse applications in the food industry. Herein, oil phase of double emulsions was gelled with beeswax (BW), and the effects of BW mass ratios (0–8.0%) on the stability, oral sensation, and flavor release profile of the emulsions were investigated. Rheological tests revealed that the mechanical properties of double emulsions were dependent on the mass ratio of BW. With the increase in BW content, double emulsions showed a higher resistance against deformation, and lower friction coefficient with a smoother mouthfeel. Turbiscan analysis showed that the addition of BW improved the stability of double emulsions during a 14 days’ storage, under freeze–thawed, and osmotic pressure conditions, but it did not improve the heating stability of double emulsions. The addition of BW contributed to lower air-emulsion partition coefficients of flavor (2,3-diacetyl) compared to those without the addition of BW at 20 °C and 37 °C, respectively. Furthermore, the addition of BW and its mass ratio significantly altered the flavor release behavior during the open-bottle storage of double emulsions. The response value of 0% BW dropped sharply on the first day of opening storage, showing a burst release behavior. While a slow and sustained release behavior was observed in double emulsions with 8.0% BW. In conclusion, gelation of the intermediate oil phase of double emulsions significantly enhanced the stability of double emulsions with tunable oral sensation and flavor release by varying the mass ratio of beeswax.