O/W emulsion and its spray-dried microcapsule contain the oil phase and the protein matrix, providing the potential to co-encapsulate different antioxidants. However, antioxidants were generally encapsulated in the oil phase of microcapsule, its protein matrix is rarely used. It is first to prove the possibility to encapsulate resveratrol in the emulsified oil droplets at high wall/core ratios. The optimal microcapsule with 1.75% surface oil was fabricated with 15% transglutaminase-crosslinked WPI (TGase-WPI) and 5% gum Arabic (GA). Resveratrol mainly located in the protein matrix of initial emulsion and reconstituted microcapsule. The effects of TGase-WPI/GA microcapsule and resveratrol co-encapsulation on DHA/EPA and lipid hydroperoxides/TBARS were different. The interfacial protein, the partition of resveratrol in the emulsified oil droplets and its storage stability and inhibitory effect on size change of reconstituted microcapsules increased as the polyphenol increased. These results expand the potential use of spray-dried microcapsules as co-encapsulation carriers.