Oleogelation represents a groundbreaking and innovative technique for transforming liquid edible oil into solid fat, while preserving the oil's chemical composition. We conducted a study in which a novel structuring technique was employed to create oleogels using mustard oils and different oleogelators (like bees wax and rice bran wax) at varying concentrations of 8, 10, and 12%. The objective of this research work was designed to investigate the impact of wax type and wax concentration on various properties of the resulting oleogels. Our findings revealed that mustard oil oleogels containing bees wax exhibited higher acid values compared to those containing rice bran wax. Conversely, the peroxide values of mustard oil oleogels comprising rice bran wax were higher than those comprising bees wax. Furthermore, the viscosity, hardness, and oil binding capacity of the oleogels increased with increasing wax concentrations. All samples of mustard oil oleogels displayed shear thinning behavior. The rancimat results indicated greater oxidative stability in the oleogels compared to the oil. XRD patterns of the 12% concentration of mustard oil and bees wax (MO+BW) oleogel indicated a high degree of lateral packing in the molecular layers. The FTIR spectrum of the MO + BW (12%) oleogel exhibited distinct peaks at 2922, 2853, 1745, 1463, 1160, and 721 cm−1. The result of DSC analysis concluded that the peak melting temperature of the 12% concentration of MO + BW oleogels ranged from 35.73 to 44.99 °C. This present study provides valuable insights into the emerging field of oleogels, which have potential applications as fat replacers in food products and as a medium for the delivery of nutraceuticals.