The precise control of browning and enhancement of Maillard reaction kinetics to improve the surface functionality and nutrient encapsulation efficiency of soy proteins remains a significant challenge. This research presents an ultrasound-assisted cyclic reaction method (1-7 cycles) to synthesize soy protein isolate/dextran (SPI/D) conjugates with enhanced grafting degree and functionality during the Maillard reaction. The technique significantly increased the grafting degree to 65.92 % by the seventh cycle, with minimal browning. Structural analysis showed tighter secondary and more relaxed tertiary structures, leading to a diminished exposure of hydrophobic moieties and an enhancement in solubility, emulsification, foaming, and antioxidant capacity. These functional improvements notably bolstered the SPI/D conjugates' ability to encapsulate anthocyanins (ANs). Particularly, after seven cycles, SPI/D demonstrated a marked enhancement in the thermal, storage, and light stability of ANs. Additionally, it reduced the susceptibility of ANs to degradation by hydrogen peroxide, Fe