Dihydromyricetin (DHM) is a phytochemical with multiple bioactivities. However, its poor liposolubility limits its application in the field. In this study, DHM was acylated with different fatty acid vinyl esters to improve its lipophilicity, and five DHM acylated derivatives with different carbon chain lengths (C2-DHM, C4-DHM, C6-DHM, C8-DHM, and C12-DHM) and different lipophilicity were synthesized. The relationship between the lipophilicity and antioxidant activities of DHM and its derivatives was evaluated with oil and emulsion models using chemical and cellular antioxidant activity (CAA) tests. The capacity of DHM derivatives to scavenge 1,1-diphenyl-2-picrylhydrazyl radical (DPPH•) and 2,2’-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid) radical (ABTS+•) was similar to that of DHM, except for C12-DHM. The antioxidant activity of DHM derivatives was lower than that of DHM in sunflower oil, while C4-DHM exhibited better antioxidant capacity in oil-in-water emulsion. In CAA tests, C8-DHM (median effective dose (EC50) 35.14 μmol/L) exhibited better antioxidant activity than that of DHM (EC50: 226.26 μmol/L). The results showed that in different antioxidant models, DHM derivatives with different lipophilicity had various antioxidant activities, which has guiding significance for the use of DHM and its derivatives.