Water-in-oil-in-water (w/o/w) multiple emulsions are considered that could be suitable components of functional dairy products. Such emulsions enable the preparation of low-calorie products, encapsulation of bioactive components or microorganisms, and their protection during digestion. Because of the large phase interface, w/o/w emulsions are thermodynamically unstable. Therefore, their preparation and stabilization requires specific conditions. This review describes a potential industrial application of w/o/w emulsions in dairy products in detail and summarizes the value, preparation, stabilization, and evaluation of w/o/w emulsions in a dairy system.