To strengthen the effectiveness of resveratrol (RES) as a natural antioxidant in food systems, this work attempted to enhance the water solubility of RES by utilizing the solubilizing properties of stevioside (STE) and investigated the effect of STE-solubilized RES (STE–RES) incorporation on the stability of soy protein isolate (SPI)-based emulsions. The physical properties and oxidative stability of SPI emulsions with STE/STE–RES were evaluated. The water solubility of RES increased with the increase of STE concentration up to its critical micelle concentration, suggesting the solubilization of hydrophobic RES in STE self-assembled micelles. STE micelles competitively adsorbed at the oil–water interface with SPI, forming a mixed SPI and STE interfacial layer, thus resulting in a decrease in particle size and evident enhancement in the physical stability of SPI-based emulsions. After the incorporation of STE–RES, SPI emulsions showed an enhanced oxidative stability with reduced lipid hydroperoxides and volatile hexanal. This improvement was believed to be mainly attributed to the targeted migration of RES to the interface during the adsorption of the STE–RES complex, as evidenced by high interfacial accumulation of RES.