Provided are a low fat mayonnaise composition to which cellulose ether is applied, and a method of producing the same, in which the low fat mayonnaise composition includes 50 wt% or less of an emulsion with respect to the total weight of the composition, and cellulose ether and an excipient as a fat substitute. Therefore, with the mayonnaise composition, low fat mayonnaise which includes an oil and fat content of 1/2 or less may be produced from only a vegetable material having phase stability at various temperatures without using eggs which may lead to an allergy and may serve as a primary source of increasing cholesterol.
