Abstract: To improve the emulsifying properties of peanut protein, different reducing agents (GSH, Cys, TCEP, Na₂SO₃) and NaCl were applied during the alkaline pH-shift. The synergistic effects of multi-factor combined treatment on the emulsifying performance of peanut protein and its major components were systematically investigated. The results showed that the combined addition of 0.05% Na₂SO₃ and 62.5 mmol/L NaCl under pH 12 shift treatment conditions achieved the optimal modifying effect on peanut protein and its fractions. Compared with the sample treated solely with 0.05% Na₂SO₃, the emulsifying activity index (EAI) and emulsifying stability index (ESI) of peanut protein increased by 18.5% and 137.1%, respectively, which significantly improved the storage stability and freeze-thaw stability of the emulsion. In contrast to arachin, conarachin exhibited a remarkable decline in emulsifying properties after single pH-shift, indicating that arachin and conarachin presented distinct response behavior under identical treatment conditions. Interfacial dilatational rheology results demonstrated that the combined modification strengthened interfacial pressureand interfacial pressureand enhanced the viscoelasticity of the interfacial film for both peanut protein components. The improved stability of arachin emulsion after combined modification was attributed not only to the enhanced interfacial film strength but also to the possible formation of a weak gel structure in the emulsion system. Alkaline pH-shift combined with reducing agents and NaCl can effectively improve the emulsifying properties of peanut protein, which broadens its potential applications in the food industry.