The effects of different emulsifiers, such as soy protein isolate–sucrose ester (SPI-SE) and whey protein isolate–sucrose ester (WPI-SE), on the properties of the emulsion during the microencapsulation of cannabis oil were studied. The influence of SE concentration on the emulsion properties of the two emulsifying systems was analyzed. The results of the adsorption kinetics show that SE can decrease the interfacial tension, particle size and zeta potential of the emulsions. The results of the interfacial protein concentration show that SE could competitively replace the protein at the oil-water interface and change the strength of the interfacial film. The results of the viscoelastic properties show that the emulsion structure of the two emulsion systems results in the maximum value when the concentration of SE is 0.75% (w/v), and the elastic modulus (G’) of the emulsion prepared with SPI-SE is high. The viscosity results show that all emulsions show shear-thinning behavior and the curve fits well with the Ostwald–Dewaele model. The addition of SE in the emulsions of the two emulsion systems can effectively stabilize the emulsion and change the composition and strength of the oil–water interface of the emulsion. The cannabis oil microcapsules prepared with protein-SE as an emulsion system exhibit high quality.