Development of novel food products represents a basic meeting point for health and business requirements. Mayonnaise sauce is well-suited to be a healthy and tasty dressing. In this study, mayonnaise was formulated by using unconventional ingredients, such as olive leaf vinegar (OLV), soybean/high oleic sunflower oil blend, and soymilk (as an egg substitute). An 18% alcoholic vinegar was used as the control sample. OLV is a rich source of bioactive substances, especially polyphenols and represents a possible way to enhance the olive oil by-product valorisation. For this new typology of vinegar an high level of phenolic compounds (7.2 mg/mL GAE), especially oleuropein (6.0 mg/mL oleuropein equivalent) was found. OLV mayonnaise had 57% fat, composed of 11%, 64%, and 23% saturated, monounsaturated, and polyunsaturated fatty acids, while linolenic acid was up to 1.7%. The phenol and oleuropein contents were 68 and 52 mg/100 g, respectively. Sensory panellists expressed a moderate overall acceptability for both samples but attested more distinctive and positive sensations for the colour, odour, and taste attributes of OLV mayonnaise. Finally, oxidative stability and shelf life were better in OLV mayonnaise than in the control. Specifically, the peroxide value remained low (around 4.5 meqO2/kg) after 12 months of storage at room and low (4 °C) temperatures.