The objective of this study was to investigate the influence of casein (0.3% w/w) and phospholipid (0.5% w/w) emulsifier combinations on the physical and oxidative stability of 10% fish oil-in-water emulsions at pH 7. For that purpose, three phospholipids were evaluated, namely, lecithin (LC), phosphatidylcholine (PC), and phosphatidylethanolamine (PE). The emulsion stabilized with LC showed the best physical stability having the most negative zeta potential and the lowest mean droplet size. In addition, this emulsion was also the least oxidized in terms of peroxide value and concentration of the volatile oxidation product 1-penten-3-ol. This finding is not explained by the antioxidant activity of LC because it showed similar DPPH scavenging activity and lower metal chelating activity than the other phospholipids. Therefore, these results suggested that other factors such as the combination of casein and lecithin, which could result in a favorable structure and thickness of the interfacial layer, prevented lipid oxidation in this emulsion.