The effects of the purple-fleshed sweet potato extract (PFSPE) on oxidation stabilities of a model oil-in-water emulsion prepared with enzymatically synthesized fish oil-soybean oil structured lipid (SL) versus physically blended lipid (PBL) without modification were evaluated. The anthocyanins in PFSPE were analyzed and identified by HPLC-MS. The fatty acid composition of SL was similar to that of PBL, except palmitic acid (1.48 in PBL and 9.61% in SL) and linoleic acid (62.47 in PBL and 49.58% in SL). Peonidin 3-caffeoylsophoroside-5-glucoside, peonidin-3-(6',6'-caffeoylferuloylsophoroside)-5-glucoside, peonidin-dicaffeoylsophoroside-5-glucoside, peonidin 3-(6',6"-caffeoyl-p-hydroxybenzoylsophoroside)-5-glucoside were identified as the major anthocyanin compounds in PFSPE. Different levels (200, 500, 1000 ppm) of PFSPE were added into both SL- and PBL-based emulsions, with 200 ppm catechin as comparison. Oxidation was monitored by measuring the peroxide value and thiobarbituric acid reactive substances. The antioxidant activity of PFSPE increased with an increased concentration, the concentration of 1000 ppm showed high antioxidant ability similar to that of catechin in both PBL- and SL-based oil-in-water emulsions. It is notable that the SL-based emulsion appeared to have better oxidative stability than the PBL-based emulsion.