Coconut oil-in-water emulsions were prepared using three polysaccharides: Dendrobium officinale polysaccharide (DOP), propylene glycol alginate (PGA), gum arabic (GA) and their polysaccharide complexes as emulsifiers. The effects of the ratio of the compounded polysaccharides on their apparent viscosity and interfacial activity were explored in this study. The average particle size, zeta potential, microstructure, rheological properties, and physical stability of the emulsions prepared with different compound-polysaccharides were studied. The results showed that mainly DOP contributed to the apparent viscosity of the compound-polysaccharide, while the interfacial activity and zeta potential were mainly influenced by PGA or GA. Emulsions prepared with compound-polysaccharides exhibited smaller average particle sizes, and microscopic observations showed smaller droplets and less droplet aggregation. In addition, the stability analysis of emulsions by a dispersion analyzer LUMiSizer showed that the emulsion prepared by compounding polysaccharides had better physical stability. Finally, all of the above experimental results showed that the emulsions prepared by PGA:DOP = 2:8 (total concentration = 1.5 wt%) and 2.0% GA + 1.5% DOP were the most stable.