Calcium has limited bioavailability because of the formation of calcium phosphate deposits in the gastrointestinal tract. In this study, we prepared a dextran-casein phosphopeptide (CPP)–Ca2+ delivery system and evaluated for Ca2+ binding mechanism, structure, stability, and sustained release of Ca2+ and assessed inhibition of calcium phosphate precipitation. The results revealed that Ca2+ binds to dextran–CPP through the phosphate, carboxyl, and amino groups and forms crystal clusters. Furthermore, compared with single polymer CPP–Ca2+ conjugates, copolymer dextran–CPP–Ca2+ conjugates exhibited improved stability at various conditions (pH, temperature, and coexisting food), efficiently reduced the calcium phosphate precipitation, and improved sustained-release of Ca2+. Collectively, dextran–CPP–Ca2+ conjugates can be an efficient Ca2+ delivery system.