Herein, the oleogelation of human milk mimic oil (HMMO) was carried out with beeswax (BW). The physiochemical properties [microstructure, oil holding capacity, X-ray diffraction, differential scanning calorimetry, and rheology] were investigated. The increased addition of BW led to larger crystal sizes and denser internal networks in the oleogel, further improving the thermal behavior, structural strength, and viscosity performance of BW oleogel samples. With the cost-effective benefit of forming the desired internal network structure, 5% BW was selected for oleogel emulsion preparation with varying whey protein isolate addition levels (1, 5, 10, and 15%). The oleogel emulsions showed better storage and emulsifying stability than the conventional ones without significant changes in droplet size. The oleogelation by BW in the oil phase also gave more robust and viscous textures to the HMMO-based emulsion. To sum up, this study supported the advantages of oleogelation by BW in optimizing the physiochemical properties of HMMO and its emulsion, which promotes more promising applications in food, medicine, and cosmetics.