Objective To explore the stabilizing effects and mechanism of Tremella fuciformis polysaccharide (TFP) on soybean oil Pickering emulsion. Methods In this study, TFP was used to construct soybean oil Pickering emulsion. The effects of TFP concentration on emulsion stability were systematically analyzed by characterizing the particle size distribution, rheological properties, thermal stability and storage stability of the emulsion. Results Microscopic observation and particle size analysis indicated that when the TFP concentration was 0.5%, the droplet size was the smallest and the uniformity was the highest. In addition, rheological analysis showed that the Pickering emulsion was characterized by pseudoplastic fluid, and the viscosity of the emulsion decreased significantly with the increase of temperature, while the increase of TFP concentration increased the viscosity of the emulsion. Especially when the shear rate was 0.1 s^-1, the apparent viscosity of 0.5% TFP emulsion reached 516.4400 mPa·s, which was 45 times of 0.1% emulsion. When the TFP concentration were 0.4% and 0.5%, after heating treatment at 95 ℃ for 30 min, the emulsion stability still reached (99.03±0.15)% and (91.38±0.70)%, and the particle size remained stable, showing excellent thermal stability. After 14 days of storage, there was no stratification appeared in the 0.5% TFP emulsion, exhibiting excellent storage stability. The results showed that the concentration of TFP was positively correlated with the stability of Pickering emulsion. Conclusion TFP inhibits droplet aggregation through interfacial film enhancement and steric hindrance effects, thereby improving the stability of Pickering emulsions. This study provides theoretical support and experimental reference for the development and application of polysaccharides stabilizers in Pickering emulsions.