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Manufacturers universally tell you to refrigerate mayonnaise once opened, though, because it helps preserve the flavor. Warmth causes mayonnaise to break down after a while, and it gets to the point where it just tastes oily. Homemade mayonnaise, of course, is a different matter. With its use of raw eggs, it is highly perishable and should be consumed immediately or refrigerated and finished off very shortly.
Unopened, commercially produced mayonnaise is almost indefinitely shelf stable. Once opened and refrigerated, it may remain safe to consume for two to three months beyond its purchase by date. Its color and flavor, however, may degrade and become unpalatable.