Protein hydrolysis on the freeze-thaw stability of emulsions prepared with soy protein - dextran conjugates were investigated. Soy protein isolate-dextran (SPI-D) and soy protein hydrolysates-dextran (SPH-D) conjugates with different degree of hydrolysis (DH) were formed by Maillard reaction. The formation of protein-polysaccharide conjugates between SPI/SPH and dextran molecules was confirmed by SDS-PAGE; this finding was consistent with the degree of glycation and the browning index. The freeze-thaw emulsion stability was investigated. The results confirmed that the SPH3-D (DH at 3%) emulsion with 3% DH of SPI exhibited the lowest creaming index after experiencing 1, 2, and 3 freeze-thaw cycles , with results of 7.69%, 20.74% and 31.30%, respectively. The SPH3-D emulsion had a significantly lower average particle size, which was reduced by 48.28% compared to the SPI-D emulsion. Meanwhile, the SPH3-D solution had low interfacial tension. The confocal laser scanning microscopy analysis indicated that the SPH3-D emulsions were strongly stable against the freeze-thaw treatment and could be used as effective emulsifiers in frozen foods.