Sucrose Esters and Beeswax Synergize to Improve the Stability and Viscoelasticity of Water-in-Oil Emulsions

W/O emulsions are commonly used to prepare stable low-fat products, but their poor stability limits widespread applications. In this study, sucrose ester (SE) and beeswax were utilized to prepare an oil dispersion system in rapeseed oil, which was used as the external oil phase to further synergistically construct the W/O emulsion systems. The results show that spherical and fine crystals are formed under the synergistic effect of SE and BW (1.5 SE:0.5 BW). In this state, a dense interfacial crystal layer was easily formed, preventing droplet aggregation, leading to droplet size reduction (1–2 μm) and tight packing, improving viscoelasticity and resistance to deformation, and increasing the recovery rate (52.26%). The long-term stability of W/O emulsions containing up to 60 wt% water was found to be more than 30 days. The increase in the aqueous phase led to droplet aggregation, which increased the viscosity (from 400 Pa·s to 2500 Pa·s), improved the structural strength of the emulsion, and increased the width of the linear viscoelastic region (from 1% strain to 5% strain). These findings provide some technical support for the further development of stable low-fat products.