The aim of the study was the rheological and physicochemical analysis of dispersion systems containing waste hard fat (mutton tallow) enzymatically modified with hemp oil. The addition of water to the reaction during fat modification allowed for direct preparation of product together with emulsifiers which remain in the final product as a fats' component. The idea of using waste, generally believed as useless mutton tallow for modification and simultaneously enriching it by unsaturated fatty acids derived from vegetable oil, is clearly a novel aspect of the presented work. The performed analysis showed that the highest physicochemical stability was observed for emulsions containing the highest amount of monoacylglycerols and diacylglycerols formed during interesterification. These emulsions showed only slight variations of average particle size during the entire storage period. Rheological assessment also confirmed that emulsions based on interesterified fats showed the best resistance against emulsion destabilization. Moreover, it has been found that materials with higher amounts of polar fraction exhibited the fastest recovery of microstructure after high shear loads.