BACKGROUNDWith an increasing demand for edible protein, research on new extraction methods is attracting more attention. The effects of such methods on functional properties are important. The present study aimed to evaluate the effect of ultrasound‐assisted extraction on the extraction efficiency, structure, and the emulsifying properties of peanut protein isolate (PPI).RESULTSUltrasound‐assisted extraction significantly improved extraction efficiency and shortened the processing time. The nanostructure, molecular weight distribution, and particle size of PPI were altered by ultrasound‐assisted extraction. The emulsifying properties of the PPI from ultrasound‐assisted extraction were significantly improved compared with alkaline extraction. Peanut protein isolate had lower molecular weight fractions, higher levels of hydrophobic amino acids, and the highest fluorescence intensity with ultrasound intensity, temperature, and time of 3.17 W cm−3, 35 °C, and 30 min, respectively. These contributed to the higher emulsifying activity index and emulsifying stability index of the PPI emulsions. The uniform distribution of droplets and smaller particle size of the PPI emulsions was also observed.CONCLUSIONThe results suggested that ultrasound can be used to induce the conformational changes to modify the interfacial association between protein‐oil phases, thereby improving the emulsifying properties of peanut protein. © 2020 Society of Chemical Industry