Different treatments of alkali (AK), heating alkali (HA), alkali heating (AH), and alkali twin-screw extrusion (AT) were employed to prepare insoluble soybean fiber (ISF) from defatted okara. The effect of dry heat treatment on the emulsifying properties of ISF was studied by the O/W emulsions prepared by self-made ISF. The ζ-potential of ISF emulsions sorted by magnitude were AH-ISF＞AK-ISF＞AT-ISF＞HA-ISF, and the storage modulus (G′) were AT-ISF＞AH-ISF＞HA-ISF＞AK-ISF. Four kinds of emulsions all exhibited shear-thinning properties, and tanδ of the dry heat treated ISF emulsions were less than 1. During emulsion storage. AK-ISF was found to have the largest increasing ranges in both particle size (Δ_AK-ISF=1.916) and apparent viscosity (Δ_AK-ISF=3.898), while the storage stability of emulsions was enhanced by dry heat treated ISF, and AT-ISF was the best one. These results indicated that the dry heat treatment significantly changed the surface charge distribution of the ISF emulsions and emulsions formed a gel-like network structure dominated by elasticity. Furthermore, the electrostatic interaction and gel-like network structure were the main factors contributing to the stability of dry heat treatment ISF emulsions.