The present invention provides a process of producing a capsinoid-containing food and drink with a superior stability of the capsinoid compound, and an emulsion composition comprising a capsinoid compound with an improved dilution stability thereof. The process entails blending an oil phase containing a capsinoid compound with an aqueous phase and an emulsifier to prepare an emulsion composition, and mixing the emulsion composition with an aqueous component, wherein an additional emulsifier and/or a high-molecular component is added to the emulsion composition, the aqueous component or a mixture thereof.