The objective of this study was to investigate the protective effect of five different emulsifiers on iron‐mediated lipid oxidation in 70% fish oil‐in‐water emulsions. The emulsifiers were either based on protein (whey protein isolate and sodium caseinate) or based on phospholipid (soy lecithin and two milk phospholipids with different phospholipid contents, MPL20 and MPL75). Lipid oxidation was studied at pH 4.5 and 7.0, and results were compared to lipid oxidation in neat fish oil. Results showed that all emulsions oxidised more than neat oil. Furthermore, emulsions prepared with proteins oxidised more at low pH than at high pH, and casein emulsions oxidised the least (Peroxide value (PV) at day 7 was 0.5–0.7 meq kg−1). Among emulsions prepared with phospholipids, emulsions with MPL75 were the most oxidised followed by emulsions prepared with lecithin and MPL20. Thus, PV in MPL75 emulsions was 5.0–5.5 meq kg−1 at day 7 compared with 0.9–1.9 meq kg−1 in MPL20 emulsions.