The enzymes used in degumming, called phospholipases, specifically act on phospholipids without degrading the oil itself. Degumming using a phospholipase C enzyme allows to meet all market specifications while it increases the oil yield. The aim of this study was to evaluate antioxidant and emulsifier properties of the recovered gum (RG) obtained by enzymatic oil degumming process of crude soybean oil subjected to modifications as deoiling (RG deoiled) or ethanol fractionation (RG soluble and insoluble). RG soluble allowed obtaining more stable oil-in-water emulsions (30:70 w/w) in comparison with those by-products assayed at different concentrations (0.1-1.0%). Also, deoiled soybean lecithin (DSL) and RG deoiled had a similar behavior in relation to the kinetic destabilization (% backscattering profiles), despite the different degumming processes used to obtain these samples. The study on induction times (Metrohm Rancimat) showed a significant antioxidant effect (p<0.05) against a refined sunflower oil associated with all the by-products analyzed. However, RG soluble and DSL showed a strong effect on the oil stability at high concentrations (1000-2000ppm). These results showed that the deoiled recovered gum and its derivates obtained by ethanol fractionation are a potential alternative for industrial application as additive. Practical applications: The economic benefits of enzymatic degumming process have also been quantified by several oilseed processors. This process allows obtaining a by-product with a high concentration of different phospholipids. This study intends to increase the commercial value of this recovered gum contributing to the food industry with useful information about their functional properties. © 2013.