Nanoemulsions have attracted significant attention in food fields and can increase the functionality of the bioactive compounds contained within them. In this paper, the preparation methods, including low-energy and high-energy methods, were first reviewed. Second, the physical and chemical destabilization mechanisms of nanoemulsions, such as gravitational separation (creaming or sedimentation), flocculation, coalescence, Ostwald ripening, lipid oxidation and so on, were reviewed. Then, the impact of different stabilizers, including emulsifiers, weighting agents, texture modifiers (thickening agents and gelling agents), ripening inhibitors, antioxidants and chelating agents, on the physicochemical stability of nanoemulsions were discussed. Finally, the applications of nanoemulsions for the delivery of functional ingredients, including bioactive lipids, essential oil, flavor compounds, vitamins, phenolic compounds and carotenoids, were summarized. This review can provide some reference for the selection of preparation methods and stabilizers that will improve performance in nanoemulsion-based products and expand their usage.