This present work underlines the effect of pH-shifting at pH 2 and pH 12 individually or combined with ultrasound treatment to modify the molecular structure of β-conglycinin (7S) on its emulsifying properties and stability. Fourier transform infrared (FTIR) spectroscopy and intrinsic fluorescence spectroscopy showed that pH-shifting improves the molecular structure of 7S, while ultrasound further promotes structural changes. In particular, the pH-shifting at pH 12 combined with ultrasound treatment (U-7S-12) resulted in more significant changes than the pH-shifting at pH 2 combined with ultrasound (U-7S-2). U-7S-12 showed a significant reduction in protein particle size from 152 to 34.77 nm and a relatively smooth protein surface compared to 7S. The protein had the highest surface hydrophobicity and flexibility at 81,560.0 and 0.45, respectively, and the free sulfhydryl content from 1.57 to 2.02 μmol/g. In addition, we characterized the emulsions prepared after 7S treatment. The single or combined treatment increased the interfacial protein adsorption of the samples, which showed lower viscosity and shear stress compared to 7S. The U-7S-12 emulsion exhibited the highest emulsifying properties and was more stable than other emulsions under creaming, heating, and freeze-thaw conditions. In summary, the concerted action of pH-shifting and ultrasound can modify the structure, and combined alkaline pH-shifting and ultrasound treatment can further improve the emulsifying properties and stability of 7S.