The oxidative stability of oil-in-water (O/W) emulsions is highly dependent on the type of emulsifier. The purpose of this work was to investigate the specific role of the adsorbed emulsifiers on lipid oxidation of O/W emulsions. Emulsions of similar droplet size distribution stabilized by minimum amounts of proteins or surfactants were oxidized at 25 °C in the presence of equimolar iron-EDTA complex. The pH and the amount of emulsifier in the aqueous phase were also varied to investigate the role of the droplet charge and the emulsifier in the aqueous phase. Oxygen uptake, conjugated dienes (CD), and volatile compound formation demonstrated that the protein-stabilized interfaces are less efficient at protecting emulsified lipids against oxidation than surfactant-stabilized interfaces. The antioxidant effect of unadsorbed proteins was also confirmed.