The effect of ultra-high pressure homogenization on the emulsifying properties of whey protein was investigated in a model emulsion made with whey protein isolate and soya oil under various pH. The emulsifying properties, the average diameter of the oil droplets ($d_{vs}$), and the protein load, were measured for each emulsion produced at different homogenization pressures (50 to 200 MPa) and pH values (4.6 to 8.0). According to the results of variance analysis and response surface, the pH had more influence on oil droplet size and protein load than homogenization pressure. The model equations, which were obtained by response surface analysis, show that pH and homogenization pressure had the major effect on oil droplet size and protein load. Higher homogenization pressure decreased the average droplet size and the protein load. Homogenization at high pressure, as opposed to low pressure, causes no overprocessing, but the effect was pH-dependent. The average diameter of the oil droplets increased slightly by decreasing the pH from 8.0 to 6.5 and then increased dramatically toward the isoelectric point of whey protein (i.e., at pH 4.6). Moreover associated droplets were found at acidic pH and their size was increased at high temperature.