Emulsions were prepared with 5% (w/v) solutions of sodium caseinate (Na Cas) and soy oil at oil/protein ratios of 0.25-3.0 by homogenization at 10--50 MPa. Emulsions were spray-dried to yield powders with 20--75% oil (w/w). Emulsion oil droplet size and interfacial protein load were determined. Microencapsulation efficiency (ME), redispersion properties, and structure of the powders were analyzed. The size of emulsion oil droplets decreased with increasing homogenization pressure but was not influenced by oil/protein ratio. Emulsion protein load values were highest at low oil/protein ratios. ME of the dried emulsions was not affected by homogenization pressure but decreased from 89.2 to 18.8% when the oil/protein ratio was increased from 0.25 to 3.0, respectively. Mean particle sizes of reconstituted dried emulsions were greater than those of the original emulsions, particularly at high oil/protein ratios (>1.0), suggesting destabilization of high-oil emulsions during the spray-drying process.