Soy protein concentrate (SPC) is a low cost ingredient containing about 70% protein and 20% fiber. In spite of their widespread utilization, there is a lack of understanding of the functional properties of commercial soy isolates. A better knowledge of the behavior of SPC in-oil-in-water emulsions will optimize its utilization in many soy-based formulations. For this reason, a model oil-in-water emulsion prepared by high-pressure homogenization was studied. Emulsions were prepared with SPC and soybean oil and homogenized at 80 MPa. Samples were characterized for stability, microstructure, particle size, rheological properties and protein adsorption behavior.|The increment of volume fraction of soybean oil from 0.1 to 0.2 resulted in emulsions system with very little similarities. All emulsions containing 20% oil showed a creamy texture, gel-like behavior, good water holding capacity and stability to creaming. Emulsions prepared with >4% SPC and 10% oil were stable and showed flow behavior. Heating of 20% oil-in-water emulsions before homogenization resulted in emulsions with higher elasticity than those prepared with no heat.