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[Display omitted] • Soybean meal hydrolysates (SMHs) prepared by alkaline protease hydrolysis. • Covalent binding of SMHs with different polyphenols. • Polyphenols increase the biological activity and emulsification of SMHs. • SMHs-procyanidin shows the highest antioxidant and emulsifying properties. • Polyphenols increase the emulsion stability of SMHs. The use of by-products as functional components in food production is gaining popularity. This study investigated the structure, biological activity, interaction force, and emulsion stability of soybean meal hydrolysate (SMHs) after covalent conjugation with proanthocyanidin (PC), epigallocatechin (EGCG), gallic acid (GA), and caffeic acid (CA). SDS-PAGE confirmed the formation of SMHs-polyphenol conjugates. Structural analysis indicates unfolding and disordered-structure formation. This transformation directly influenced the antioxidant activity and emulsification of SMHs. The antioxidant and emulsifying properties of all covalent complexes were superior to SMHs, in order of SMHs-PC, SMHs-EGCG, SMHs-GA, and SMHs-CA. Among, SMHs-PC conjugates displayed the highest antioxidant activity (ABTS •+ and DPPH radical scavenging capacities of 89.33% and 52.71%, respectively), total polyphenol content (235.10 mg/g), and emulsification activity (EAI) and stability (ESI) values (109.27 m2/g and 135.05 min, respectively). Moreover, SMHs-PC emulsion showed the smallest particle size (467.20 nm), highest viscosity (520.19 Pa.s), highest protein adsorption (94.33%), and lowest release rate of free fatty acids (FFAs) (18.61%) after digestion. These results provided valuable information for the use of modified SMHs as emulsifiers, which is a promising approach for increasing the value of soybean meal. [ABSTRACT FROM AUTHOR]