Curcumin is a natural polyphenol compound obtained from the turmeric plant, having numerous promising health benefits. To deliver curcumin into the human body, it is necessary to develop an efficient carrier system for its encapsulation such that the physicochemical properties of curcumin can be preserved during storage. In this study, the encapsulation stability, antioxidant activity, and release properties of curcumin encapsulated in the primary emulsion (PE: 0.0022% (w/w) curcumin, 9.99% (w/w) oil, 0.9% (w/w) whey protein isolate, pH 7) and secondary emulsion (SE: 0.00108% (w/w) curcumin, 4.90% (w/w) oil, 0.443% (w/w) WPI, 0.2% (w/w) sodium alginate, pH 5) prepared using ultrasonication were analyzed. It was observed that the formation of a double-layer coating of secondary biopolymer over the primary coated droplet enhanced the encapsulation efficiency and antioxidant activity of the curcumin during storage for 3 weeks. Moreover, the multilayer emulsions were freeze-dried to see the effect of dehydration of emulsion on the stability of multilayer-coated droplets. Fourier transform infrared analysis indicated the presence of all of the constituents, including curcumin, after the freeze drying of the emulsions. Scanning electron microscopy images showed that the microstructure of emulsion droplets was found to be uniformly distributed in the case of SE. The antioxidant activity of curcumin encapsulated in SE was found to be higher during storage, whereas it was significantly reduced in other encapsulated systems like PE, olive oil, and ethanol. In vitro release of curcumin from the multilayer emulsion was carried out under the simulated intestinal conditions of pancreatin enzyme and bile salt. Maximum releases of 71 and 63% were obtained in SE and PE, respectively, within 2 h of digestion. Overall, this study provides useful information on the formation of multilayer emulsion as a carrier system for the better protection and release of curcumin useful for food and pharmaceutical applications.