AbstractDue to the disadvantages of consuming fat and synthetic preservatives, the demand to reduce them in lipid‐based products like mayonnaise is increasing. In the current research, there were two goals, the first one was studying the effect of using oleaster flour in different concentrations (4%, 6%, and 8%) as a natural preservative, whereas the second one was studying the effect of oleaster as different fat replacement (FR) levels (10%, 20%, 30%, and 40%) on the physicochemical, antioxidant, and the rheological properties and stability of reduced‐fat mayonnaise samples. Given results showed that with increasing the oleaster concentration, the antioxidant property increased significantly. The peroxide value after 60 days of storage for the 30% FR 8 was 2.01%, compared to the control sample without antioxidant and with TBHQ, which were 10% and 2.68%, respectively. The highest stability index (100%) was observed in the 30% FR and 40% FR samples. In terms of rheological characteristics, the 30% FR 8 oleaster showed the highest viscosity and the lowest frequency dependency. It can be concluded that oleaster has a high potential to be used in the formulation of low‐fat mayonnaise as a fat replacer.