Corn fiber gum (CFG) is a hemicellulose (arabinoxylan)-enriched fraction obtained by the extraction of corn bran/fiber using a proprietary alkaline hydrogen peroxide process. When purified CFG prepared by this process was hydrolyzed with more concentrated base (1.5 N methanolic KOH at 70 degrees C for 1 hour), considerable amounts of hydroxycinnamic acids (up to 0.015% of mainly ferulic acid) and lipids (up to 0.43%) were released. The released phenolic acids and lipids were identified and quantified using high-performance liquid chromatography (HPLC) with detection by both UV and evaporative light-scattering detection (ELSD). During the wet milling of corn, two types of corn fiber are produced: coarse fiber, which is primarily from pericarp, and fine fiber, which is from the endosperm. The total phenolic acid content in CFGs purified from coarse corn fiber (pericarp fiber) is comparatively higher than that purified from fine corn fiber (endosperm fiber). It was also determined that the purified CFG samples contained significant amounts of strongly associated proteins, from 2 to 5% by weight. The presence of these phenolic acids, lipids, and proteins strongly associated or bound to CFG may contribute to its excellent ability to emulsify oil-in-water emulsions.