In this study, an emulsion gel was constructed using hydroxypropyl methylcellulose-flaxseed gum (HPMC-FG) as the emulsifier, and the effects of oil phase gelation induced by different bio-waxes, candelilla wax (CW), beewax (BW), and CW-BW mixture on the microstructure, rheological properties, and stability of the emulsion gel were systematically investigated. The results showed that the combination of CW with BW had a significant synergistic effect on the formation of oleogels, primarily through van der Waals forces, forming a three-dimensional network structure of needle-like crystals embedded in snowflake-like aggregates in the oil phase. Compared with the HPMC-FG emulsion gel without oil-phase gelation, the emulsion gel modified by the CW-BW composite gelator presented smaller droplet size and higher deformation resistance. After long-term storage at room temperature and freeze-thawing treatment, no obvious oil droplet coalescence or oil syneresis was observed in this system, demonstrating excellent storage stability and freeze-thawing stability. This study can provide a theoretical basis and technical support for the development of novel animal fat substitutes.