In this study, clove essential oil (CL), eugenol (EU), and cinnamaldehyde (CI) were immobilized in starch sodium octenyl succinate (SSO) using an emulsification method. The main characteristics, stability, and biological properties of the prepared emulsions were established. Particle size analyses using dynamic light scattering showed that the smaller droplets were characteristic of emulsions containing CI (205–218 nm) and EU (181–236 nm), while the largest droplets were determined for CL emulsions (293–348 nm). Moreover, the highest antioxidant activity was determined for CL (79–83%) and EU (80–88%) emulsions, while CI emulsions showed the greatest antibacterial activity. The obtained emulsions were applied to the paper sheets and the bioactive properties of coated paper were studied. Evaluation of antioxidant properties revealed that high antioxidant activity reaching 76–92% and 87–91% was characteristic of coatings containing CL and EU, respectively. Meanwhile, coatings containing CI showed quite low antioxidant activity (4–9%) but demonstrated the greatest antimicrobial effect on Gram-negative and Gram-positive bacteria as well as yeasts. Hence, CL and EU emulsions could be used as effective natural antioxidants, whereas CI emulsions could be applied as an antimicrobial agent on cellulose-based substrates for a wide range of human health protection applications.