Abstract: To enhance the application value of soybean lipophilic protein (SLP) in the food industry, the modification mechanism of cavitation jet (Cj) combined with alkaline pH-shifting treatment on the structural and functional properties of SLP was investigated. In this study, SLP was treated with pH12.0 shifting combined with different intensities of Cj (40, 80, and 120 MPa). The structural characteristics of SLP were characterized using particle size and Zeta potential, scanning electron microscopy, SDS-PAGE, intrinsic fluorescence spectroscopy, Fourier transform infrared spectroscopy, free sulfhydryl group content, and surface hydrophobicity. Furthermore, its functional properties were evaluated by measuring solubility, emulsifying and foaming properties. The results showed that the combined treatment of alkaline pH-shifting and Cj treatment exhibited more significant improvement effects on the structural and functional properties of SLP. After the combined treatment, the unfolding and depolymerization of SLP molecules were effectively induced, leading to a decreased average particle size, an increased absolute value of Zeta potential, elevated β-turn and random coil contents, and greater exposure of hydrophobic and free sulfhydryl groups. The improvement of structural characteristics further enhanced the functional properties of SLP. Notably, the combination of pH12.0 and 80 MPa Cj achieved the most significant effect, with the maximum solubility (58.2%±1.4%), emulsifying activity index (196.11±14.45 m²/g), emulsifying stability (151.13±8.53 min), foaming capacity (147.13%±3.53%), and foaming stability (94.11%±3.45%). This study provides a theoretical and technical reference for the optimization of the structural and functional properties of soybean lipophilic protein.