We demonstrated soy protein isolate (SPI) at pH 3 is suitable for preparing edible HIPEs with internal phase of corn oil, even at protein concentration as low as 0.5% (w/v). The highest internal phase volume reached 90% (v/v). There was no remarkable difference in appearance of the HIPEs after heating, but phase separation happened after freeze-thaw treatment. Interestingly, no distinct difference can be found in appearance of the heated HIPEs with internal phase volumes of 85% and 90% after freeze-thawing thrice. All the HIPEs exhibit a solid-like behavior as revealed by the results that the G′ value was higher than G′′ value. The increased surface hydrophobicity after heating suggested interaction of protein can happen after emulsion heating. The confocal laser scanning microscope confirmed the interaction of SPI and emulsions. The HIPEs can be utilized to encapsulate β-carotene. The β-carotene retention in HIPEs was 74.1%, significantly higher than that in corn oil.