Mayonnaise was prepared by replacing refined sunflower oil with physically refined rice bran oil (RBO), filtered sesame oil (SO) and blends of both RBO:SO. Emulsions were formulated using xanthan gum as a replacer for egg. The effect of replacing xanthan gum on varying oil blends (RBO:SO) on the physicochemical properties such as texture (consistency), stability, viscosity, and bioactives (oryzanol and sesamol content) were also studied. Significant differences were observed in the fat content of the emulsions prepared. Xanthan gum based mayonnaise’s had 63–65% fat, whereas control sample with egg had 78% fat. The spreadability ranged between 1.2 and 1.6 N and stability of these spreads was found to be better than that of control. Mayonnaise with the desired colour, optimum spreadability and excellent emulsion stability could be prepared using RBO, and blends of RBO:SO. Significant differences were seen in the instrumental consistency and rheological studies among the mayonnaises prepared. The present study focusses on the preparation of a healthy mayonnaise using rice bran and sesame oil and their blends which have beneficial health effects due to the presence of oryzanol and sesamol.