The effects of octenyl succinic anhydride-modified hydrophobic starch (OSA starch) on the properties of myofibrillar protein (MP) emulsions were investigated. The results show that the stability of protein emulsions was significantly enhanced with the addition of OSA starch (0.25–1.0%), with the most pronounced effect observed at a 1% concentration. Concomitantly, increasing OSA starch concentrations led to a reduction in the fat globule size. Electrostatic interactions between anionic groups in the modified starch and myofibrillar proteins were observed, which effectively decreased the zeta potential of the emulsion to a minimum of −52.3 mV. However, in the composite emulsion system, a competitive relationship between OSA starch and myofibrillar proteins was evident, as reflected by the decrease in interfacial protein content from 1.16 mg/mL in the control (CK) group to 0.78 mg/mL in the OSA starch-treated group. Despite this competition, the overall emulsion stability was improved due to the synergistic effects of the modified starch and proteins. These findings suggest that OSA-modified starch holds promise as a stabilizer for enhancing the stability of myofibrillar protein emulsions.