Rapeseed is the second most cultivated oilseed after soybean and is mainly used to produce vegetable oil. The by-product rapeseed press cake is rich in high-quality proteins, thus having the possibility of becoming a new plant protein food source. This study aimed to investigate how the precipitation pH affects the protein yield, protein content, and emulsifying properties when industrially cold-pressed rapeseed press cake is used as the starting material. Proteins were extracted under alkaline conditions (pH 10.5) with an extraction coefficient of 52 ± 2% followed by precipitation at various pH (3.0–6.5). The most preferred condition in terms of process efficiency was pH 4.0, which is reflected in the zeta potential results, where the proteins’ net charge was 0 at pH 4.2. pH 4.0 also exhibited the highest protein recovery yield (33 ± 0%) and the highest protein concentration (64 ± 1%, dry basis). Proteins precipitated at pH 6.0–6.5 stabilized emulsions with the smallest initial droplet size, although emulsions stabilized by rapeseed protein precipitated at pH 5.0–6.0 showed the highest emulsion stability at 37 °C for 21 days, with a limited layer of free oil. Overall, emulsion stabilized by protein precipitated at pH 5.0 was the most stable formulation, with no layer of free oil after 21 days of incubation.