Okara is underutilized despite its numerous values explorable in food products. In this study, okara dietary fibre (ODF) was micronized and decorated with soy protein isolate (SPI) through a Maillard reaction by dry heating at 60 °C. The resulting ODF-SPI conjugates were thermally stable, hydrophilic rather than hydrophobic, and exhibited excellent Pickering emulsion stabilization potentials as indicated in their interfacial behaviour, microstructure, droplet sizes, emulsifying activity index (EAI) and emulsion stability index (ESI). In addition, the conjugates’ structure–function relationships, amino acid profile, and emulsifying potentials are indicative of being employed in the formulation of emulsion-based foods or non-edible products.