This study aimed to investigate the emulsifying properties of bovine lactoferrin in food emulsion system. First, lactoferrin solution was prepared to study its surface activities, such as surface adsorption characteristics and ${zeta}$-potential. Second, some physicochemical properties of lactoferrin emulsion which resulted from variations of environmental conditions (i.e., pH or NaCl addition) were determined. As for surface adsorption characteristics evaluated by surface tension, it was decreased with increasing lactoferrin concentration in solution ($1{ imes}10^{-5}{ ightarrow}0.2wt%$) and showed a plateau (${fallingdotseq}44$mN/m) above 0.01 wt%. It was also changed with pH and the minimum value of 53.8 mM/m was observed at pI of lactoferrin. This was related to changes in ${zeta}$-potential of the lactoferrin solution with respect to pH. Fat globule size of lactoferrin emulsion was decreased with increasing lactoferrin concentration and a stable emulsion was formed above 0.5 wt% lactoferrin in emulsion with fat globule size $d_{32}$ of ca. 0.33 ${mu}m$ as confirmed by creaming stability experiment (i.e., Turbiscan). As with surface tension, fat globule size of lactoferrin emulsion also changed with pH and showed a maximum value at pI. As evaluated by Turbiscan, in the presence of NaCl, the lactoferrin emulsion showed instability in particular above 10 mM.