Abstract: A stable phenolic antioxidant dispersion is prepared by adding, with high speed stirring, a melt of a phenolic antioxidant, which is an alkyl ester of a carboxylic acid containing an alkylhydroxyphenyl group, and a fatty acid to an aqueous solution of a base capable of forming a soap with said fatty acid.The dispersion may also be prepared by adding, with high speed stirring, a melt of the phenolic antioxidant to water, where either or both of the antioxidant and water contain an anionic or nonionic surfactant.These aqueous dispersions are useful in the stabilization of substrates which are better stabilized with water dispersible antioxidants against oxidative degradation induced by heat and/or light.