This paper studied the influences of diverse ultrasonic power treatments on the physico-chemical properties of soy–whey mixed protein induced by microbial transglutaminase. Two groups of 15% (m/v) of protein solution-sole protein (as control group) and mixed protein were prepared and processed under different ultrasonic powers for 30 min. After ultrasonic power treatments, gel properties were significantly increased: under 300 W, the gel hardness of mixed protein reached a maximum of 998.9 g, with its water binding capacity scoring a maximum of 87%. According to the analysis of fluorescence emission spectrum, the fluorescence intensity and maximum absorption peak had changed, for different ultrasonic power treatments had exposed more groups. The Fourier Transform Infrared Spectroscopy also suggested that ultrasonic power treatments could change the secondary structure of gel samples. The scanning electron microscope demonstrated that the network structure of mixed protein gel displayed more regular and uniform after ultrasonic treatments.