This study explored the differences in physicochemical properties and flavor characteristics of mayonnaise prepared by partially replacing vegetable oil with salted hen egg yolk oil (M-HE), salted duck egg yolk oil (M-DE), and fresh egg yolk oil (M-FE). The results showed that the modified egg yolk oil (EYO) mayonnaise exhibited more homogeneous and denser droplets, along with a richer golden color compared to corn oil-based mayonnaise (M-CO). Additionally, the EYO mayonnaise had higher viscosity and smaller particle size. The electronic nose indicated that all four mayonnaise variants displayed significantly different flavor profiles. Gas chromatography-mass spectrometry (GC-MS) analysis revealed no specific flavor compounds in the EYO mayonnaise, whereas M-CO contained nine unique flavor compounds. Partial least squares discriminant analysis (PLS-DA) suggested that 1-octen-3-ol, 2,5-dimethyl-pyrazine, and (E)-2-nonenal were significantly different among the mayonnaise samples, except for acetic acid. This study provides novel insights into the quality evaluation of EYO as an oil phase supplement for mayonnaise production.