The present invention relates to thermally stable oil-in-water emulsions comprising an oil comprising a polyunsaturated fatty acid, water, an emulsifier, and a water-soluble stabilizer, and processes for preparing the thermally stable oil-in-water emulsions. The thermally stable oil-in-water emulsions remain flowable at a temperature of &minus40° C., and are free from a variation in particle size after 9 months in storage at a temperature of &minus40° C. to &minus15° C.