Effects of ultrasonic treatment on emulsifying properties and structure of peanut protein isolate (PPI) were evaluated by analysis of particle size distribution, protein surface hydrophobicity, SDS-PAGE, circular dichroism spectra and environmental scanning electron microscopy. The emulsifying properties of the PPI were found to be improved by ultrasonic treatment. The mean particle size decreased from 474.7 nm to 255.8 nm while the molecular weight remained unaffected. The results of intrinsic fluorescence spectroscopy and surface hydrophobicity indicated that ultrasonic treatment induced tertiary structural changes of the proteins in PPI. Emulsifying activity index and emulsion stability index were found to be correlated fairly well with surface hydrophobicity (H0) (r = 0.712 and r = 0.668, respectively).