While text embeddings enable efficient semantic processing in LLMs, they remain vulnerable to inversion attacks that reconstruct sensitive original text. However, current defense methods typically treat text embeddings from the feature level independently, ignoring the exploitation of the mutual relation among the embedding construction pipeline. To address this limitation, we propose Eguard, a framework that effectively disrupts chains of relationships between the original semantic space and defended functional space. Our improvements manifest at two levels, i.e., the global-level and local-level mutual information. At the global level, we propose to minimize the statistical dependency between protected embeddings and their original inputs, effectively decoupling sensitive content from the semantic space accessible to adversaries. At the local level, we apply keyword-antonym contrastive learning to enforce semantic discriminability within the space of downstream utility. This synergy of global privacy control and local semantic alignment allows Eguard to achieve a superior privacy-utility trade-off than traditional defenses. Our approach significantly reduces privacy risks, protecting over 95\% of tokens from inversion while maintaining high performance across downstream tasks consistent with original embeddings.