Research on fat substitutes with low calories and good flavor is important to reduce the fat content in food. In this paper, the selection of fat substitutes and the preparation of low-fat ice cream were carried out through looking at the emulsion properties of the enzymatic hydrolysis of zein. The results showed that the emulsifying activity of zein after enzymatic hydrolysis for 10 min was 66.76 m2 g-1, and the emulsifying stability was 78.51 min, showing the best emulsifying properties. Enzymatic hydrolysis of zein can effectively reduce the degree of lipid oxidation. The protein digestibility in intestinal juice was also significantly improved, and the release rate of free fatty acids in the emulsion reached more than 80%. The viscosity, shear stress, elastic modulus, electronic nose and electronic tongue of ice cream with 10% oil substitute were close to those of full-fat ice cream. It is expected to provide a basis for the development of functional foods.