Abstract Infant follow‐on formulas (IFF) mimic human milk. This study aimed to identify the key structural levers that influence oxidative stability of IFF. Representative model IFF of marketed products in term of lipid composition were formulated with varying droplet size, lipid droplet core composition, and interfacial composition using different emulsifiers (soy lecithin or dairy phospholipids [DPL]). The oxidative stability of model IFF was assessed in accelerated storage conditions. No significant stabilization effect based on the lipid droplet core composition was observed. However, the nature of the interface, influenced by the emulsifier type, had an impact. Model IFF with DPL showed no loss of tocopherols and peroxide value was up to twice lower than those with soy lecithin after 20 days. This effect was particularly pronounced for the 0.4µm droplets. These results suggest that model IFF with DPL had a greater oxidative stability, likely due to the presence of sphingomyelin and the formation of a rigidified domain at the droplet surface. Model IFF with 0.4 µm droplets stabilized with soy lecithin, especially when added to the water phase, showed a tocopherols loss twice as high as that of IFF with DPL. These results indicate that oxidative stability of IFF is more influenced by the chemical environment rather than droplet size. Practical Application : Infant follow‐on formulas (IFF) aim to ensure an adequate nutritional intake to support the proper development and infant growth. Therefore, IFF must be stable against degradation phenomena such as lipid oxidation and have a composition and structure that are as biomimetic as possible to mature breast milk. This study provides key information for the development of IFF with a lipid composition and structure that are suitable for the infant nutritional needs and have an acceptable resistance to lipid oxidation. More generally, these results can be applied to all dispersed systems in the form of oil‐in‐water emulsions with a similar composition.