Soy-based emulsifiers are currently extensively studied and applied in the food industry. They are employed for food emulsion stabilization due to their ability to absorb at the oil–water interface. In this review, the emulsifying properties and the destabilization mechanisms of food emulsions were briefly introduced. Herein, the effect of the modification process on the emulsifying characteristics of soy protein and the formation of soy protein–polysaccharides for improved stability of emulsions were discussed. Furthermore, the relationship between the structural and emulsifying properties of soy polysaccharides and soy lecithin and their combined effect on the protein stabilized emulsion were reviewed. Due to the unique emulsifying properties, soy-based emulsifiers have found several applications in bioactive and nutrient delivery, fat replacer, and plant-based creamer in the food industry. Finally, the future trends of the research on soy-based emulsifiers were proposed.