Spirulina consists of a cluster of green-colored cyanobacteria; it is commonly consumed as a food or food supplement rich in bioactive compounds with antioxidant activity, predominantly C-phycocyanin (C-PC), which is related to anti-inflammatory action and anticancer potential when consumed frequently. After C-PC extraction, the Spirulina residual biomass (RB) is rich in proteins and fatty acids with the potential for developing food products, which is interesting from the circular economy perspective. The present work aimed to develop a vegan oil-in-water emulsion containing different contents of Spirulina RB, obtaining a product aligned with current food trends. Emulsions with 3.0% (w/w) of proteins were prepared with different chickpea and Spirulina RB ratios. Emulsifying properties were evaluated regarding texture and rheological properties, color, antioxidant activity, and droplet size distribution. The results showed that it was possible to formulate stable protein-rich emulsions using recovering matter rich in protein from Spirulina as an innovative food ingredient. All the concentrations used of the RB promoted the formulation of emulsions presenting interesting rheological parameters compared with a more traditional protein source such as chickpea. The emulsions were also a source of antioxidant compounds and maintained the color for at least 30 days after production.