Abstract: To improve the emulsifying activity and antioxidant activity of mung bean protein hydrolysate (MBPH) in O/W systems, enabling it to perform better in food systems, this study used eugenol (EG) and MBPH as raw materials to prepare their interactions and analyzed the effects of different EG concentrations on their interactions, functional activities, and structural properties. The results showed that the emulsifying activity of MBPH increased in an EG concentration-dependent manner. When the EG concentration reached 300 μg/mL, the EG-MBPH interaction product exhibited superior emulsifying stability and significantly improved antioxidant activity (P<0.05). Structural analysis revealed that the structure of the EG-MBPH interaction product changed to varying degrees depending on the EG concentration. In the 300 μg/mL EG treatment group, the particle size was larger and more uniform. Compared to MBPH, the characteristic absorption peaks in the FTIR spectra of EG-MBPH were significantly shifted, and fluorescence intensity decreased, indicating that EG interacted with MBPH, leading to structural changes in the protein hydrolysate. Conclusion: The addition of 300 μg/mL EG significantly improved the emulsifying and antioxidant activities of MBPH (P<0.05). The results of this study provide new insights into the development and application of functional emulsifiers.