The preparation and preliminary characterization of a protein-stabilized water-in-oil-in-water (W/O/W) multiple emulsion is described. The oil phase is n-tetradecane, and the lipophilic and hydrophilic emulsifiers are Span 80 and sodium caseinate, respectively. Fine multiple emulsions prepared by jet homogenization (external droplet size ~1 μm, yield 40–60%) are compared with coarse multiple emulsions (external droplet size ~10 μm, yield 95–98%) prepared by high-speed mixing. In each case the average droplet size of the primary W/O emulsion as determined by light scattering is ~0.3 μm. The fine W/O/W multiple emulsion has greatly improved stability with respect to creaming.