In this study, the structure, functionality, physicochemical property, emulsion storage stability, and rheological properties of soybean meal hydrolysate-proanthocyanidin (SMH-PC) conjugates in ternary complex with glucan, sodium alginate, or soybean polysaccharides were investigated. Following complexing, the proteins unfolded and their disordered structures positively promoted the emulsifying properties of ternary complexes. The SMH-PC-glucan complex showed the best antioxidant activity and the highest emulsifying activity index (94.11 m