The present invention provides a process for preparing an aqueous dispersion containing a high concentration of nano/submicron, hydrophobic, functional compounds. The process is carried out by using a complex stabilizer having an HLB value of about 10 to about 17, comprising lecithin and at least one non-phospholipid selected from polysorbate, sucrose ester, and polyglycerol fatty acid ester; selecting a specific weight ratio of the hydrophobic functional compounds and the stabilizer; and using homogenization technique, media milling technique, and/or centrifugal technique. The aqueous dispersion containing a high concentration of nano/submicron, hydrophobic, functional compound produced by the process of the invention has stable dispersibility and improved bioavailability, and can be applied to the fields of foods and pharmaceuticals.