In this study, whey soy protein (WSP) and soy hull polysaccharide (SHP) were electrostatic interacts with each other by adding polysaccharide to soy whey to form polymers for the preparation of stable high internal phase emulsion (HIPEs). The results showed that with the increase of polysaccharide content, the polysaccharide content in the polymer increased, the protein content decreased, the microstructure of the polymer became denser, and the thermal stability of the polymer improved. The electrostatic interaction between WSP and SHP was proved by Fourier transform infrared spectroscopy, scanning electron microscopy and differential scanning calorimetry. In addition, SHP/WSP polymers stabilized 75% of the oil phase of HIPEs. With the increase of polysaccharide content in SHP/WSP polymer, the apparent viscosity, G' and G" increased. By measuring the rheology and multiple light scattering of HIPEs before and after heat treatment or freeze-thaw, it was confirmed that SHP/WSP polymer-stabilized HIPEs had good thermal stability, and homogeneous could form stable HIPEs again after freeze-thaw. This study provides a new idea for the utilization of soy whey, and also provides a theoretical basis for the study of protein polysaccharide polymer stabilized emulsion.