ABSTRACT Impacts of citrus fiber as the fat substitute on textural, rheological, sensory properties, microstructure, and stability of the low‐fat mayonnaise were investigated. As the fat substitution ratio increased from 20% to 60%, firmness, adhesiveness and apparent viscosity of low‐fat mayonnaise decreased, while its oil droplet size increased and color became light. In addition, low‐fat mayonnaise displayed higher emulsion stability and lower peroxide value compared to full‐fat mayonnaise. Rheology analysis revealed mayonnaise whose oil was replaced with 1.5% modified citrus fiber had higher apparent viscosity, storage modulus and loss modulus than mayonnaise whose oil was replaced with 1% modified citrus fiber. In organoleptic properties, mayonnaise in which 1.5% modified citrus fiber replaced 20% oil achieved similar status and overall acceptability to full‐fat mayonnaise. Also, it had the best texture properties. Furthermore, its firmness, viscosity and adhesiveness were 101.58%, 90.23%, 84.07% higher than those of full‐fat mayonnaise. The low‐fat mayonnaise with 1.5% modified citrus fiber whose fat replacement ratio was 20% had the best stability, sensory, rheological and textural characteristics compared with other low‐fat mayonnaises. This suggests that citrus fiber would have excellent potential as a fat substitute in the food industry.