Soybean lipophilic protein and methyl cellulose complex were used as hydrophilic emulsifiers to form the outer phase of W/O/W emulsion. Using PGPR as lipophilic emulsifier, olive oil as oil phase and vitamin B12 as indicator, W/O/W emulsion was prepared by a two-step method. The effects of the ratio of LP to MC in the complex and outer phase on the stability of W/O/W emulsion were investigated by means of laser scanning confocal microscope, optical microscope, particle size, Zeta-potential, rheological properties and stability index. The experimental results showed that when LP∶MC was 3∶1 and the external water phase ratio was 70%, the force between the droplets of W/O/W emulsion was the strongest, and the particle size was the smallest, the absolute value of Zeta-potential was the largest, the protection of active substances was the strongest, and 28d storage stability index and rheological properties were the best. The development of emulsifier for W/O/W emulsion was helpful to improve its stability. Aiming to provide a strong basis for the use of soybean lipophilic protein as emulsifier, and further explore the effect of its interaction with methylcellulose on the emulsifying properties, the research result can also provide a theoretical basis for the application of soybean lipophilic protein and methyl cellulose in W/O/W emulsion system, and provide reference for improving the stability of bioactive substance delivery system.