The effects of monoglyceride emulsifier and sucrose ester emulsifier combined with bubble-retaining type liquid shortening on batter and baking characteristics of sponge cake were studied. The results showed that compared with the cake containing only the monoglyceride type emulsifier, the density of the batter containing the sucrose ester type emulsifier combined with the bubble-retaining type liquid shortening decreased, the viscosity and surface tension of cake batter increased, and stability of cake batter was improved. The cake specific volume was 4.01 mL/g, compared with the cake containing only the monoglyceride type emulsifier, the specific volume of the sponge cake containing the sucrose ester type emulsifier and bubble-retaining type liquid shortening increased by 68.5%, while the surface blister of cake decreased. In the cake storage period study, after 28 days, the hardness of the cake containing sucrose ester type emulsifier and bubble-retaining type liquid shortening reduced by 37.8% compared with the control.