Egg yolk is common functional ingredient in food production, mainly in mayonnaise as an emulsifier. Egg yolk cholesterol was removed using beta-cyclodextrine, treated with a-amylase, and low-cholesterol mayonnaise produced. The flow behavior of cholesterol-reduced mayonnaise was investigated at different cholesterol-reduced egg yolk and xanthan gum content. The aim of this study was to evaluate the effects of different formulations at various percentages of egg yolk (EY; 4 and 6 percent by weight) and xanthan gum (XG; 0.5 and 0.7 percent by weight) on flow behavior and physicochemical properties of reduced-fat and low-cholesterol mayonnaise prepared with cholesterol-reduced liquid egg yolk and to obtain suitable model for mayonnaise formulations. The aim of the study was to develop a reduced-fat and low-cholesterol mayonnaise with properties similar to those of typical mayonnaise in the market. For this purpose, four reduced-fat and low-cholesterol mayonnaise formulations were prepared in the laboratory using cholesterol-reduced EY. They were compared with a commercial mayonnaise from a local market as a control sample. According to results, color parameters and flow behaviors of the samples compared with the control sample indicated that the samples had higher values of lightness and yellowness, and presented lower values of yield stress and flow behavior index and higher values of consistency coefficient with respect to the commercial product, except recipe that included 6% of EY and 0.7% of XG, which exhibited similar values to the typical commercial one in the market. The Herschel Bulkley model was employed in order to evaluate the effect of EY and XG ratios on mayonnaise rheological behavior. In general, the results obtained suggest that the recipe with EY (6 wt%) and XG (0.7 wt%) had better rheological characteristics and physicochemical properties those prepared with various formulations, maintaining the reduced-fat and low-cholesterol mayonnaise prepared with beta-cyclodextrine-treated cholesterol-reduced EY. It can be interpreted that the developed product may have potential use in industrial application.