The aims of this research were to conjugate chitosan (CT) with stearic acid (SA) and gallic acid (GA), and apply the modified chitosan to stabilize labile aroma compounds such as allyl isothiocyanate (AITC) and limonene in oil-in-water emulsions. Generally, the antioxidant activity of CT-SA-GA increased as the GA content in the conjugate increased. In most assays, GA had a lower IC50 value than that of CT-SA-GA; however, CT-SA-GA exhibited better performance than GA in the Fe2+-chelating activity. In accelerated tests (heating or illumination) for evaluating the chemical stability of AITC and limonene during storage, CT-SA and CT-SA-GA were used to prepare AITC and limonene O/W emulsions, respectively. Tween 80 and Span 80 (T-S-80), an emulsifier mixture, were used as a control in both emulsions for comparison. The results show that CT-SA or CT-SA-GA could protect AITC or limonene from degradation or oxidation more effectively than T-S-80.