Spray drying of emulsions is a promising way of increasing their durability, offering the possibility of reconstitution, with the addition of water. The present study aimed to examine the properties of flaxseed oil cake extract (FOCE) as an emulsifying and stabilizing agent for spray-dried reconstituted oil-in-water emulsions. Maltodextrin: starch: flaxseed oil emulsions with FOCE or distilled water as liquid phases, and 10% and 20% of oil were spray-dried at 180 °C. The solubility, flowability, cohesiveness, bulk, and tapped densities of the spray-dried powders were analyzed. Additionally, the characteristics of initial and reconstituted emulsions, such as stability, creaming index, color, particle size, and rheological properties were evaluated. Results showed that FOCE could be an adequate emulsifier for spray-dried emulsions with a high oil content providing high stability after reconstitution, when compared to emulsions based only on maltodextrin–starch wall material with water as the liquid phase. This study showed an encouraging way for producing natural and plant-based spray-dried oil-loaded emulsions for food applications.