A novel oleogel system was developed, and its characteristics and properties were investigated. The results indicate that a low-cost, low-fat and low hardness oleogel product was formed by potato starch, candelilla wax, oil, and distilled water. Specifically, the content of potato starch and candelilla wax in the oleogel system was 5 wt%. A potato starch/candelilla wax ratio from 1.22 to 5.67 led to the formation of a type II starch-lipid oleogel system, and the content of distilled water was 45 times the starch content. All the above-mentioned information demonstrated that starch/wax-based oleogels are a typical lipid system. They can reduce the content of wax and oil in oleogel systems, form oleogel products with low hardness values and exhibit great potential in the field of low-fat food and low-cost food industrial applications.