Egg-free mayonnaise is receiving greater attention due to its potential health benefits. This study used whey protein isolate (WPI) as an emulsifier to develop high internal phase emulsions (HIPEs) based on beeswax (BW) oleogels through a simple one-step method. The effects of WPI, NaCl and sucrose on the physicochemical properties of HIPEs were investigated. A novel simulated mayonnaise was then prepared and characterized. Microstructural observation revealed that WPI enveloped oil droplets at the interface, forming a typical O/W emulsion. Increase in WPI content led to significantly enhanced stability of HIPEs, and HIPEs with 5% WPI had the smallest particle size (11.9 ± 0.18 μm). With the increase in NaCl concentration, particle size was increased and ζ-potential was decreased. Higher sucrose content led to reduced particle size and ζ-potential, and slightly improved stability. Rheological tests indicated solid-like properties and shear-thinning behaviors in all HIPEs. The addition of WPI and sucrose improved the structures and viscosity of HIPEs. Simulated mayonnaises (WE-0.3%, WE-1% and YE) were then prepared based on the above HIPEs. Compared to commercial mayonnaises, the mayonnaises based on HIPEs exhibited higher viscoelastic modulus and similar tribological characteristics, indicating the potential application feasibility of oleogel-based HIPEs in mayonnaise. These findings provided insights into the development of novel and healthier mayonnaise alternatives.