The beneficial effects of a healthy diet on the quality of life have prompted the food industry to develop low-fat variants, but fat content directly affects the physicochemical and sensory properties of food products. The utilization of high-pressure homogenization (HP) and incorporation of hydrocolloids have been suggested as strategies to improve the physical stability and rheological properties of light cream. Thus, this study aims to analyze the associated effect of high-pressure homogenization (80 MPa) and three different hydrocolloids: microcrystalline cellulose, locust bean gum and xanthan gum, on emulsion stability and rheological properties of ultra-high-temperature (UHT) light cream (ULC) with a 15% w/w fat content. The stability of ULC was determined by the ζ potential of oil droplets and emulsion stability percentage. Rheological characterization was based on flow behavior tests and dynamic oscillatory measurements, which were carried out in a rheometer. Results showed that the high-pressure homogenization process did not influence the emulsion stability of the treatments. Moreover, the hydrocolloids added to systems present weak interactions with milk proteins since all ULC showed macroscopical phase separation. The samples presented the same rheological behavior and were classified as pseudoplastic fluids (n < 1). ULC treated at 80 MPa was significantly (P ≤ 0.05) more consistent than the treatments at 20 MPa. All ULC showed a predominant elastic behavior (G′ > G″), and a remarkable increase in both G′ and G″ at 80 MPa. The results presented in this study highlight the potential of HP for altering some rheological characteristics of UHT light cream, for example, to increase its consistency. These results are important for the dairy industry and ingredient suppliers, in the standardization of UHT light cream and/or to develop low-fat products.