In this study, a new composite modification method utilizing a cavitation jet combined with a composite enzyme (cellulase and xylanase) was developed to modify the insoluble dietary fibre (IDF) of okara (IDF was first treated with the cavitation jet at 0.3 MPa for 10 min, and then 6% of the enzyme was added, the composite enzyme with a 1:1 enzyme activity was hydrolysed for 1.5 h to obtain the modified IDF), and explored the structure–activity relationship between the structural properties, physicochemical properties and biological activities of IDF before and after modification. Under the action of cavitation jet and double enzyme hydrolysis, the modified IDF had a wrinkled and loose porous structure, which improved the thermal stability. Its water holding capacity (10.81 ± 0.17 g/g), oil holding capacity (4.83 ± 0.03 g/g) and swelling capacity (18.60 ± 0.60 mL/g) were significantly higher than those of unmodified IDF. In addition, compared with other IDFs, the combined modified IDF had greater advantages in nitrite adsorption (13.75 ± 0.14 μg/g), glucose adsorption (6.46 ± 0.28 mmol/g) and cholesterol adsorption (16.86 ± 0.83 mg/g), and improved in vitro probiotic activity and in vitro anti-digestion rate. The results show that the cavitation jet combined with compound enzyme modification method can effectively improve the economic value of okara.