Tofu quality is determined by a controlled coagulation process using a W/O/W emulsion coagulant. The impact of adding soy protein isolate (SPI) to the inner water phase on the stability of W/O/W high-internal-phase emulsions (HIPEs) and its application as a coagulant for tofu was assessed. No creaming occurred during 7-day storage with SPI concentrations up to 0.3%, while the emulsion droplets aggregated with 0.5% and 0.7% SPI. Emulsions containing 0.3% SPI maintained a constant mean droplet size after 21 days of storage and exhibited the lowest TURBISCAN stability index value. HIPE stability against freeze–thaw cycles improved after heating. HIPEs with SPI concentrations above 0.3% demonstrated an elastic gel-like behavior. The increased viscosity and aggregation of the protein around droplets indicated that the interaction among emulsion droplets could enhance stability. W/O/W HIPE coagulants significantly increased tofu yield, reduced hardness, and produced a more homogenous tofu gel compared to a MgCl2 solution. The HIPE with 0.3% SPI was found to be optimal for use as a coagulant for tofu.