In this study, the effect of soybean oil concentration on the rheology, water-holding capacity, and thermal stability of acid-mediated soy protein isolate (SPI) emulsion gels was investigated. The microstructure was analyzed and interpreted by CLSM and SEM observations. The results showed that the addition of soybean oil improved the elastic properties of the acid-mediated SPI emulsion gels. The storage modulus increased from 330 Pa (2% soybean oil concentration) to 545 Pa (8% soybean oil concentration) with a significant increase (p< 0.05). The increase in soybean oil concentration resulted in more SPI-coated oil droplets acting as active particles, enhancing the gel network. The acid-mediated SPI emulsion gels became more disordered as the soybean oil concentration increased, with the fractal dimension increasing from 2.92 (2%) to 2.95 (8%). The rheological properties, thermal analysis, and microstructure of 6% SPI gel and acid-mediated SPI emulsion gels with 2% to 8% soybean oil concentration were compared. The acid-mediated SPI emulsion gels with soybean oil as the active filler showed improved gel properties, greater thermal stability, and a homogeneous network structure compared to the acid-mediated SPI emulsion gels.