Cyperus esculentus is a high-quality and healthy crop, rich in nutrients. Insoluble dietary fiber of Cyperus esculentus was prepared via an enzymolysis method. Compared with the commercial soybean dietary fiber, the physicochemical, structural and emulsifying properties of Cyperus esculentus insoluble dietary fiber (CEIDF) were studied. The results showed that the CEIDF had a better water holding capacity [(14.45± 0.19)g/g], oil holding capacity [(8.21±0.06)g/g] and expansion capacity [(14.23±0.12)mL/g], than those of soybean dietary fiber. The average volume diameter of the CEIDF was (64.47±0.18)μm, which was 56.65% of that of soybean dietary fiber. The results of low field NMR indicated that CEIDF had more bound water, while the soybean dietary fiber had more free water. The thermogravimetric analysis showed that CEIDF had a less weight loss and a greater thermal stability compared to the soybean dietary fiber. In terms of emulsifying properties, with the increased concentration of CEIDF, the emulsion particle size increased significantly. Under the same concentration of dietary fiber, the particle size of the emulsion prepared from CEIDF was significantly lower than soybean dietary fiber which indicated that the stability of the emulsion prepared from CEIDF was better than the emulsion prepared from soybean dietary fiber. Under the same concentration, the viscosity of CEIDF was lower than that of soybean dietary fiber, while the energy storage modulus and loss modulus of emulsion prepared from 4% CEIDF were the highest. This study aimed to provide a theoretical basis for the development and utilization of CEIDF.