Environmentally friendly emulsifiers safe for human consumption are urgently needed to stabilize emulsions for applications in the food industry. In this study, we prepared complexes combining modified aggregated insoluble soybean protein hydrolysate (AISPH) mixed with xanthan gum (XG) (0.05–0.3 %, w/v), and further to construct water-in-oil-in-water (W/O/W) emulsions to deliver vitamin C and β-carotene. We observed a decrease in the AISPH α-helix and β-sheet content, surface hydrophobicity, and fluorescence intensity all decreased after binding. In contrast, the particle size and absolute ξ-potential significantly increased, indicating that molecular non-covalent interactions occurred in the solution. The emulsification property of AISPH was also improved by adding XG, and the AISPH-XG-stabilized emulsion showed improved stability, encapsulation efficiency, and rheological properties. Among them, AISPH-XG-0.25-stabilized emulsion exhibited a smaller particle size (8.41 ± 0.49 μm) and the highest encapsulation efficiency for vitamin C (90.03 ± 0.23 %) and β-carotene (70.56 ± 0.06 %). Additionally, simulated gastric digestion indicated that vitamin C and β-carotene bioavailability increased by 3.6 and 5.8 times, respectively. Finally, the emulsion exhibited good pH, ionic, and thermal stability. In general, AISPH-XG-stabilized W/O/W emulsions showed good stability and carrying capacity, providing a theoretical basis for improving their application.