The effects of different concentration of flaxseed gum (FG) (0.1–0.5%, w/w) on the stability of soybean oil emulsion were studied by particle size, rheological properties, creaming stability and nuclear magnetic resonance (NMR). Results showed that emulsion particle size decreased significantly with the increase in FG concentration. Rheological measurements showed FG exhibited thickening and gelling properties. Viscosity, storage modulus, and loss modulus increased accordingly with the increase in FG concentrations, and emulsions with 0.5% FG looked like a viscoelastic solid. Emulsions with a higher FG concentration exhibited better creaming stability and structure. With the increase of FG concentration, the ¹H and ¹³C NMR spectra line widths in high field also increased, which confirms that the interaction between FG and oil molecules is enhanced. These results show that FG can substitute for other emulsifiers or stabilizers in emulsions, and is beneficial to the stability of emulsions.