This study aimed to create Pickering emulsions with varying oil fractions and assess the impact of ultrasonic treatment on the properties of Whey Protein Isolates (WPIs). At 640 W for 30 min, ultrasound reduced WPI aggregate size, raised zeta potential, and improved foaming, emulsifying, and water-holding capacities. FTIR analysis showed structural changes, while fluorescence and hydrophobicity increased, indicating tertiary structure alterations. This suggests that sonication efficiently modifies WPI functionality. Under ideal conditions, φ = 80 emulsions were most stable, with no foaming or phase separation. Laser scanning revealed well-organized emulsions at φ = 80. This study provides a reference for modifying and utilizing WPI.