The effects of antioxidants on the oxidative deterioration of emulsified oils and fats differ depending on the oxidation conditions, oils and fats used, and type of emulsifier. In this study, milk fat was emulsified to obtain water-oil (O/W) emulsion using Tween20 as emulsifier. The antioxidative effects of several antioxidants with various lipophilic properties, such as δ-tocopherol (Toc), epigallocatechin gallate (EGCg), quercetin (Qu), green tea extract (GTE), and rooibos tea extract (RTE) were investigated, the effects of additional emulsifiers such as polyglycerol and sucrose esters of fatty acids on the oxidation stability of the emulsion were also investigated. Under oxidative conditions of 30°C in 650 lx, Toc was more effective than GTE in suppressing the increase of the peroxide value (PV, meq/kg) of the emulsified milk fat. Under these oxidative conditions, the antioxidative effect of GTE was enhanced by the addition of polyglycerol and sucrose esters of fatty acids. Under the oxidative conditions at 40°C in dark with 2,2’-azobis (2-amidinopropane) dihydrochloride (AAPH) or 2,2’-azobis (2,4-dimethylvaleronitrile) (AMVN), Toc showed the most antioxidative effect on suppression of the increase of PV and anisidine value (AnV) of the emulsified milk fat. Furthermore, additional emulsifiers also showed suppressive effects on the increase of the PV and AnV of the emulsified milk fat even without any antioxidants. The effects of additional emulsifiers on the oxidative stability of O/W emulsions were enhanced with antioxidants such as Toc, EGCg, and Qu.