Purpose: Lipid autoxidation of a soybean oil-in-water emulsion with high oil content was studied under after basil extract and/or iron addition. Methods: The emulsion consisted of tocopherol-stripped soybean oil (40 g), citrate buffer (60 g, pH 4.0), and/or FeSO4 (0.5 mg) with 75% ethanol extract (200 mg/kg) of basil (Ocimum basilicum). Lipid oxidation was evaluated using headspace oxygen content, hydroperoxide contents, and p-anisidne values of the emulsion. Polyphenol compound retention in the emulsion during oxidation was determined spectrophotometrically. Results: Addition of basil extract significantly (p<0.05) decreased reduced hydroperoxide contents of the emulsion, and iron significantly (p<0.05) increased anisidine values and decreased oxygen contents. Co-addition of basil extract and iron showed significantly (p<0.05) lower reduced hydroperoxide contents in the emulsion than compared to those of the emulsion with added iron and the control emulsion without basil extract nor or iron. During the emulsion oxidation, polyphenol compounds in the emulsion with added basil extract were degraded, but more slowlywhich was slowed degraded in the presence of iron. Conclusion: The iIron increased the lipid oxidation through hydroperoxide decomposition, and basil extract showed antioxidant activity through radical-scavenging and iron-chelation. Polyphenol degradation was decelerated by iron addition, which suggested suggests iron chelation may be more preferred topreferentially activated over radical scavenging in the antioxidant action by of basil extract in the oil-in-water emulsion with high oil content.