Waxy crude oil emulsion has thixotropic properties at the temperature near gel point, which is a macro-mechanical characterization of the structure failure and recovery of waxy crude oil emulsion. In this paper, the thixotropic behaviors of waxy crude oil emulsion near gel point were studied using hysteresis loop formed by stress linear increase and decrease, as well as the structural recovery characteristics. The influence of the loading conditions and water content on the thixotropy of waxy crude oil emulsion were analyzed with hysteresis loop area. The concept of “structural recovery” was introduced to study the degree of structural recovery after different stewing, and influencing factors were taken into account. Results have shown that for waxy crude oil emulsion, the failure to fully restore of the structure after lysis is the cause of the formation of hysteresis loop, and the loading conditions will not affect the strength of thixotropy and the degree of structural recovery. Additionally, the dispersed phase droplets weaken the thixotropy and structure recovery characteristics of waxy crude oil emulsion, and the greater the water content, the weaker the thixotropy. The findings can help to better understand the safe and economic operation of waxy crude oil-water pipeline transportation.