Wheat starch stearate was synthesized by esterification of wheat starch with stearic acid, and hydrochloric acid was added as catalyzer. The effects of temperature，homogenizing rate and pH value on emulsion capacity and the effects of temperature and shearing rate on viscosity were investigated. Furthermore, the product properties, such as color, transparency percentage, retrogradation, freeze-thaw stability were also determined. The results showed that the emulsion capacity of starch stearate is superior to that of arabic gum, with the similar change trend resulting from pH value. Therewith, the chromatism value of starch stearate was similar to that of arabic gum. As DS (degree of sustitution) increased, the color changed into yellow, transparency percentage enhanced, retrogradation weakened, and freeze-thaw stability fell.