Combining milk fat globule membrane (MFGM) and phospholipid (PL) could compensate for the low content of polar lipids in MFGM and supplement specific sphingomyelin, and ceramide lipids. This study investigated the effects of MFGM combined with PL from different sources (soy, egg yolk, and milk) as membrane components on the physicochemical properties, structure, and lipid digestion of simulated human milk fat globule (HMFG) emulsions for the first time. The emulsion prepared by MFGM with PL performed a larger and more uniform particle size distribution (1.25–1.77 μm), and an interface structure similar to the PL-protein membrane of human milk. Meanwhile, MFGM combined with milk PL simulated HMFG emulsion performed the highest stability. During gastric digestion, the MFGM combined with PL emulsions could better maintain the MFG structure and reduce the aggregation of proteins and lipids. This ultimately resulted in higher levels of lipolysis degree (65.86%–77.37%) and the release of free fatty acids. Overall, modulating the interfacial structure of MFG based on MFGM and PL could be an effective strategy to improve the stability and lipid digestion of simulated HMFG emulsion.