A mayonnaise product in which the oil phase includes a combination of medium chain triglyceride (MCT) oil and a saturated fat such as butter oil, coconut oil, lard or palm oil. The MCT oil tends to reduce crystallization of the saturated fat when cooled, and consequently this improves emulsion stability. In another embodiment, the mayonnaise contains ascorbyl palmitate in an amount sufficient to reduce the size of fat crystals when cooled. In another embodiment, the oil phase also contains up to about 40% vegetable oil such as olive oil or high oleic sunflower oil. In another embodiment, the mayonnaise contains whole butter. In this embodiment, the aqueous portion of the whole butter improves emulsion stability.