Anionic cellulose nanofibers (CNFs) were used to stabilize emulsions that combined water-soluble (and oil-soluble), strongly antioxidant extracts with a water-immiscible, notably antimicrobial essential oil. Specifically, the radical scavenging activity was primarily provided by aqueous extracts from olive fruit (Olea europaea L.), while the antimicrobial effects owed eminently to thyme oil (Thymus vulgaris L.). The resulting emulsions were highly viscous at low shear rate (4.4 Pa·s) and displayed yield stress. The addition of edible salts decreased the yield stress, the apparent viscosity and the droplet size, to the detriment of stability at ionic strengths above 50 mM. Once characterized, the antioxidant and antimicrobial emulsions were applied on packaging-grade paper. Coated paper sheets inhibited the growth of Listeria monocytogenes, a common foodborne pathogen, and acted as antioxidant emitters. In this sense, the release to food simulants A (ethanol 10 vol%), B (acetic acid 3 wt%), and C (ethanol 20 vol%) was assessed. A 24-hour exposure of 0.01 m2 of coated paper to 0.1 L of these hydrophilic simulants achieved inhibition levels of the 2,2-diphenyl-1-picrylhydrazyl radical (DPPH) in the 15–29 % range. All considered, the bioactive properties of thyme essential oil towards lipophilic food products can be complemented with the antioxidant activity of aqueous olive extracts towards hydrophilic systems, resulting in a versatile combination for active food packaging.