Whey protein isolate was dispersed at 4% or 8% (w/v) and heated at neutral pH to produce protein polymers. Butter oil, up to 20%, was homogenized in heated whey protein dispersions at pressure ranging from 10 to 120 MPa. Emulsion gelation was induced by acidification with glucono- δ-lactone. Whey protein polymers produced finely dispersed emulsions with fat droplet diameter ranging from 340 to 900 nm. Homogenization pressure was the main factor influencing droplet size. At low fat volume fraction, the emulsions exhibited Newtonian behaviour. As fat content increased, shear thinning behaviour developed as a result of depletion flocculation. Emulsion consistency index increased with protein and fat concentrations. Increasing homogenization pressure had no effect on Newtonian emulsions but promoted flocculation and significantly increased the consistency of high fat emulsions. Protein concentration was the main factor explaining emulsion gel hardness and syneresis. Syneresis decreased with increasing fat content in the gel.