A Pickering emulsion was prepared via synergistic stabilization of a lipase and palygorskite particles. The optimum conditions for the stabilization of the Pickering emulsion, such as the concentrations of the palygorskite particles and lipase, were explored. The morphology of emulsion droplets was examined using digital optical microscopy and polarizing optical microscopy. The palygorskite–lipase co-stabilized Pickering emulsions were investigated by determination of the adsorption rate, pH and zeta potential of the aqueous dispersion, as well as by determining the contact angle values of the lipase solution on a palygorskite disc that was immersed in toluene. The catalytic performance of the immobilized lipase in the Pickering emulsion was studied via the investigation of its thermal stability, storage stability and reusability. The immobilized lipase showed greater stability than the free lipase. The lipase immobilized by Pickering emulsion retained a high level of activity even after seven periods of recycling.