Cow's milk is the main ingredient of whipped cream. However, its high cholesterol content is not conducive for cardiovascular health. Manufacturers often replace cow's milk with cheap hydrogenated oil (which contains a relatively high content of trans fatty acids that are harmful to human). In this study, a foam emulsion system based on a complex of raw materials corn peptides and phytic acid along with citrus fiber (as a thickener) is constructed. It was found that corn peptides interacted with phytic acid via non-covalent interactions (van der Waals force and hydrogen bonding), and the resultant complex had the ability to stabilize the oil-water interface. The citrus fiber effectively promoted the coalescence of oil droplets at the air-water interface and the formation of a foam emulsion containing stabilized oil droplets. Moreover, the addition of calcium chloride to the emulsion system could further enhance foam stability. In addition, with the increase of citrus fiber content, the viscosity of the emulsion and the stability of the foam increased; as the oil content increased, the foam had a reduced volume but enhanced stability. This study has successfully prepared a foam emulsion without trans fatty acid and cholesterol but rich in dietary fiber, and provides a new approach for the development of aerated dairy ingredients.