Krill oil is a unique source of omega-3 fatty acids since it is a mixture of phospholipids and triacylglycerols. Due to the presence of phospholipids, it can form oil-in-water emulsions without additional food additives. In this work, the physical stability of krill oil-in-water emulsions was determined at various pH values (3-7) and NaCl concentrations (50-1000 mM). The initial particle size ranged from 150 to 165 nm. The emulsions were the most stable at pH ≥ 5.0 and salt concentrations below 100 mM. Lipid oxidation was accelerated by iron and inhibited by Trolox and α-tocopherol. Trolox was a more effective antioxidant than α-tocopherol. α-Tocopherol had a better inhibitory effect when it was added after homogenization than when added to the lipid prior to homogenization. These results indicate that krill oil emulsions could represent a self-emulsifying, oxidatively stable source of omega-3 fatty acids that may be used in functional foods.