Fluid and gelled nutraceutical emulsions were formulated from quercetin-loaded caseinate-stabilized emulsions by the addition of gellan gum with or without acidification with glucono-δ-lactone. Gellan gum addition increased the viscosity or gel strength of the fluid and gelled emulsions, respectively. The behavior of the nutraceutical emulsions in a simulated gastrointestinal tract depended upon their initial composition. Fluid emulsions containing different gellan gum levels (0–0.2%) had similar protein and lipid hydrolysis rates as well as similar quercetin bioaccessibility (∼51%). Conversely, proteolysis, lipolysis, and quercetin bioaccessibility decreased with an increasing gellan gum level in the gelled emulsions. In comparison to gelled emulsions, fluid emulsions were digested more rapidly and led to higher quercetin bioaccessibility. There was a good correlation between quercetin bioaccessibility and the lipolysis rate. These findings are useful for designing nutraceutical-loaded emulsions that can be used in a wide range of food products with different rheological properties.