•Turbidity of emulsions affect UV stability of retinol contained in the emulsion.•Long-term stability of retinol might be related to chemical stability of emulsion.•WPI-emulsion had poor retinol retention rates due to factors that promote oxidation. This study was performed to examine the stability of retinol contained within oil-in-water (O/W) emulsions under UV and during storage at different temperatures. O/W emulsions were prepared using different emulsifiers and oil concentrations. The stability of the retinol contained in the O/W emulsions was investigated by measuring the percentage of residual retinol in the samples after UV exposure and storage at different temperatures (4, 25, and 40 °C). The oil concentration of the emulsion had a greater impact on UV stability than the type of emulsifier used, whereas the storage stability at different temperatures was affected by both the choice of emulsifier and the oil concentration. The storage stability of the retinol contained in the O/W emulsions may be related to the lipid oxidation properties of the emulsions rather than the latter’s physical stability. Experiments with EDTA and different oil types were performed to confirm this theory.