We theoretically demonstrate the existence of simultaneous large complete photonic and phononic bandgaps in three-dimensional dielectric phoxonic crystals with a simple cubic lattice. These phoxonic crystals consist of dielectric spheres on the cubic lattice sites connected by thin dielectric cylinders. The simultaneous photonic and phononic bandgaps can exist over a wide range of geometry parameters. The vibration modes corresponding to the phononic bandgap edges are the local torsional resonances of the dielectric spheres and rods. Detailed discussion is presented on the variation of the photonic and phononic bandgaps with the geometry of the structure. Optimal geometry which generates large phoxonic bandgaps is suggested.