To evaluate the feasibility of substituting eggs in yellow cake by a mixture of soybean proteins, plant polysaccharides, and emulsifiers, the batter properties, including specific gravity and viscosity; cake properties, including specific volume, texture, colour, moisture, microstructures, and structural properties of starch and glutens of the replaced cake and traditional cake containing egg, were evaluated. Replacing eggs with a soy protein isolate and 1% mono-, di-glycerides yielded a similar specific volume, specific gravity, firmness and moisture content (1.92 vs. 2.08 cm3/g, 0.95 vs. 1.03, 319.8 vs. 376.1 g, and 28.03% vs. 29.01%, respectively) compared with the traditional cakes baked with eggs. Structurally, this formulation comprised dominant gliadin aggregates in the size range of 100–200 nm and glutenin networking structures containing fewer but larger porosities. The results suggest that a mixture of soybean proteins and emulsifier is a promising substitute for eggs in cakes.