This study used peach gum (PG) and mung bean protein isolate (MBPI) as an encapsulation agent. This study used peach gum (PG) and mung bean protein isolate (MBPI) as an encapsulation agent. The present investigation was undertaken to examine and refine the conjugation process of MBPI-PG, while concurrently evaluating the impact of Maillard modification on functional properties through the wet heat method. Through the analyses of SDS-PAGE, glycation degree, SEM micrographs, and FT-IR spectroscopy, it was ascertained that optimal glycosylation conditions were achieved at a pH of 8.5 and a temperature of 90 °C for a duration of 1 h. Conjugation resulted in the enhanced of solubility, emulsifying properties, and DPPH radical scavenging activity of MBPI. In comparison to their un-conjugated one, the observed improvements in thermal stability and solubility of proteins were attributed to the process of glycation. Collectively, the findings imply that the conjugation with PG imparts additional functional attributes to MBPI, thereby potentially enhancing its applicability in the food industries as a novel encapsulation agent.