The prevalence of several health-related issues related to the consumption of high-calorie and high-fat foods like mayonnaise compels us to find an alternative for it. In this study, oleogel emulsions were prepared by using vegetable oils, sunflower wax, Tween 20, Span 20 as an emulsifier, guar gum as a stabilizer, and citric acid as a pH regulator. The physicochemical properties of the formulated oleogel emulsions were thoroughly investigated using different analytical techniques and compared with those of mayonnaise. The onset melting range of oleogel emulsions was found to be 30−40 °C. Rheological data of oleogel emulsions confirmed the shear-thinning and viscoelastic behaviors. The platelet morphology and lamellar arrangement of crystals were obtained by scanning electron microscopy and X-ray diffraction studies. The variation in the degree of unsaturation of oil significantly affected the strength and solid fat content, leaving the microstructure intact. Oleogel emulsions displayed good stability in terms of storage, particle size, and oil binding capacity (>90%). Fourier transform infrared studies confirmed the presence of hydrogen bonding. In conclusion, formulated oleogel emulsions can act as promising alternatives to mayonnaise.