A structure is called weakly oligomorphic if its endomorphism monoid has only finitely many invariant relations of every arity. The goal of this paper is to show that the notions of homomorphism‐homogeneity, and weak oligomorphy are not only completely analogous to the classical notions of homogeneity and oligomorphy, but are actually closely related. We first prove a Fraïssé‐type theorem for homomorphism‐homogeneous relational structures. We then show that the countable models of the theories of countable weakly oligomorphic structures are mutually homomorphism‐equivalent (...) (we call first order theories with this property weakly ω‐categorical). Furthermore we show that every weakly oligomorphic homomorphism‐homogeneous structure contains (up to isomorphism) a unique homogeneous, homomorphism‐homogeneous core, to which it is homomorphism‐equivalent. As a consequence we obtain that every countable weakly oligomorphic structure is homomorphism‐equivalent to a finite or ω‐categorical structure. As a corollary we obtain a characterization of positive existential theories of weakly oligomorphic structures as the positive existential parts of ω‐categorical theories. (shrink)