This thesis investigated the effects of proteins and triacylglycerols (TAG) on the stabilization of oil-in-water (O/W) and oil-in-water-in-oil (O/W/O) emulsions and the application of these emulsions in high liquid oil products. The physicochemical and functional properties of O/W/O emulsion with 95% liquid oil and 5% hard fraction were extensively studied. The O/W/O emulsion was stabilized by an innovative method, using a mixture of two O/W emulsions (A and B), followed by the crystallization of added hard fraction (palm, cotton and canola stearin) to form the O/W/O emulsion. The oil phase for emulsion "A" consisted of liquid oil, fat emulsifiers, and the aqueous phase was water and sodium caseinate. The oil phase for emulsion "B" consisted of liquid oil, fat emulsifiers, and solid fats (palm stearin: cotton stearin, 60:40%) and the aqueous phase was water, sodium chloride and sodium caseinate. Palm-cotton stearin undergoes crystallization under super cooling conditions and disrupts the fat globules in emulsion "B". The released plastic fat surrounds and stabilizes the emulsion "A" fat globules. Both plastic fat and the fat globules (from emulsion "A") were stabilized in the form of an O/W/O emulsion, which was the basic structure used to prepare the high liquid oil margarine. The physicochemical and functional properties of sodium caseinate, whey and soy protein isolates and the emulsion microstructure were investigated to better understand the effects of proteins on the emulsion stability. The liquid oils (canola, olive and safflower), intermediate melting point (IMP) TAG (POP, POS and SOS), stearins and their blends were characterized for their physicochemical and functional properties and their role in stabilizing the O/W/O emulsion. The IMP-TAG (POP, POS and SOS) were extracted from cocoa by fractional crystallization. The relative polarity, retention time in RP-HPLC, melting behavior, solid fat content (SFC) of IMP and high melting point TAG were studied to better understand the interactions between TAG and their role in stabilizing the oil phase in the O/W/O emulsion. The role of IMP-TAG on oil-holding capacity (the amount of liquid oil trapped per gram of crystal network) of the oil/fat blends and the O/W/O emulsion was also investigated. It was proposed that the IMP-TAG with two saturates were retained in the crystal structure and increased the oil-holding capacity of the oil/fat blends under super cooling conditions. (Abstract shortened by UMI.)