Wood hemicelluloses have an excellent capacity to form and stabilize oil-in-water emulsions. Galactoglucomannans (GGM) from spruce and glucuronoxylans (GX) from birch provide multifunctional protection against physical breakdown and lipid oxidation in emulsions. Phenolic residues, coextracted with hemicelluloses using the pressurized hot water (PHWE) process, seem to further enhance emulsion stability. According to hypothesis, phenolic residues associated with hemicelluloses deliver and anchor hemicelluloses at the emulsion interface. This study is the first to characterize the structure of the phenolic residues in both GGM- and GX-rich wood extracts and their role in the stabilization of emulsions. PHWE GGM and GX were fractionated by centrifugation to obtain concentrated phenolic residues as one fraction (GGM-phe and GX-phe) and partially purified hemicelluloses as the other fraction (GGM-pur and GX-pur). To evaluate the role of each fraction in terms of physical and oxidative stabilization, rapeseed oil-in-water emulsions were prepared using GGM, GX, GGM-pur, and GX-pur as stabilizers. Changes in droplet-size distribution and peroxide values were measured during a 3-month accelerated storage test. The results for fresh emulsions indicated that the phenolic-rich fractions in hemicelluloses take part in the formation of emulsions. Furthermore, results from the accelerated storage test indicated that phenolic structures improve the long-term physical stability of emulsions. According to measured peroxide values, all hemicelluloses examined inhibited lipid oxidation in emulsions, GX being the most effective. This indicates that phenolic residues associated with hemicelluloses act as antioxidants in emulsions. According to chemical characterization using complementary methods, the phenolic fractions, GGM-phe and GX-phe, were composed mainly of lignin. Furthermore, the total carbohydrate content of the phenolic fractions was clearly lower compared to the starting hemicelluloses GGM and GX, and the purified fractions GGM-pur and GX-pur. Apparently, the phenolic structures were enriched in the GGM-phe and GX-phe fractions, which was confirmed by NMR spectroscopy as well as by other characterization methods. The frequency of the main bonding pattern in lignins, the β-O-4 structure, was clearly very high, suggesting that extracted lignin remains in native form. Furthermore, the lignin carbohydrate complex of γ-ester type was found, which could explain the excellent stabilizing properties of PHWE hemicelluloses in emulsions.