In this paper, the esterification modification of different kinds of starches such as waxy maize, normal maize, high-amylose maize, cassava and potato in high temperature closed system were studied by solvothermal method. The oil-in-water Pickering emulsion were prepared with esterified starches as granule stabilizer. The microscopic state of granules in the emulsion and the physical and oxidation stability of emulsion were studied. The results show that starches are not gelatinized and can be esterified at a temperature (100 °C) much higher than that of gelatinization, and the granule morphology is almost unchanged. DS (degree of substitution) values of esterified starches range from 0.0333 to 0.0512. Pickering emulsion with 50 vol% oil volume fraction prepared with 3.0 wt% granule concentration did not show any instability such as oil-water separation after storage at room temperature for 30 days. Atomic force microscope (AFM) analysis showed that all esterified starch granules had the characteristics of granular cold-water swelling starch (GCWSS). The granules completely swelled into a dense molecular chain in the emulsion, and this three-dimensional network structure improved the stability of emulsion. Therefore, the preparation of esterified starch granules by ethanol solvothermal method is a simple and effective method.