The influence of natural emulsifiers or their mixtures with synthetic emulsifiers (surfactants) on the retention, release characteristics and odour intensity of hydrophilic diacetyl and hydrophobic (-)-α-pinene in oil-in-water emulsions was examined. A lipid fraction was composed of rapeseed oil, whereas sodium caseinate, concentrate of soy proteins, dried egg yolk, sodium dodecyl sulfate (SDS), polyoxyethylene sorbitan monostearate (Tween 60) and polyoxyethylene sorbitan tristearate (Tween 65) were used as emulsifiers. The hydrophilic-lipophilic balance (HLB) of surfactants was within the range of 11-40. The thermodynamic study showed that natural emulsifiers and surfactants affected more retention of hydrophobic aroma compound than the one of hydrophilic odorant. Release rate constants of (-)-α-pinene were observed to decrease mainly with lowering the HLB value of surfactants or their mixtures, whereas the ones of diacetyl with increasing viscosity of the system. Microstructural properties of the emulsions i.e. surface area of the oil-water interface, surface protein concentration and the dispersion index, had no statistically significant effect on the release rate of hydrophobic aroma compound. Odour intensity detected orthonasally was higher correlated with headspace concentration of aroma compounds, measured by gas chromatography-mass spectrometry, in relation to (-)-α-pinene than diacetyl.