Due to their combination of featured properties, protein and polysaccharide-based carriers show promising potential in food bioactive ingredient encapsulation, protection, and delivery. The formation of protein–polysaccharide complexes and conjugates involves non-covalent interactions and covalent interaction, respectively. The common types of protein–polysaccharide complex/conjugate-based bioactive ingredient delivery systems include emulsion (conventional emulsion, nanoemulsion, multiple emulsion, multilayered emulsion, and Pickering emulsion), microcapsule, hydrogel, and nanoparticle-based delivery systems. This review highlights the applications of protein–polysaccharide-based delivery vehicles in common bioactive ingredients including polyphenols, food proteins, bioactive peptides, carotenoids, vitamins, and minerals. The loaded food bioactive ingredients exhibited enhanced physicochemical stability, bioaccessibility, and sustained release in simulated gastrointestinal digestion. However, limited research has been conducted in determining the in vivo oral bioavailability of encapsulated bioactive compounds. An in vitro simulated gastrointestinal digestion model incorporating gut microbiota and a mucus layer is suggested for future studies.