Water-in-oil-in-water (w/o/w) emulsions were prepared using commonly available raw materials and a two-step emulsification process. Several combinations of milk proteins and hydrocolloids were tested as internal water phases. Emulsions prepared with milk or colostrum exhibited the highest encapsulation efficiencies. In particular, w/o/w emulsions with internal water phases composed of colostrum, without addition of hydrocolloids, were the most stable. However, the addition of xanthan gum proved to be synergistic in stabilizing w/o/w whey emulsions.