Mandarin fish (Siniperca chuatsi) during fermentation presents a unique elastic texture. In this investigation, the physicochemical and gel-forming properties of fish proteins were evaluated to explain the formation of elastic characteristics. During fermentation, the combined effects of acidification by Lactobacillus sake SMF-L5, increased sodium chloride, and decreased moisture content in the fish protein generated a suitable microenvironment for gelation. The mass transfer of sodium chloride was accompanied by NMR relaxation of the immobilized water. The ripening fermented fish had a functionally available MHC, a higher fractal dimension, and a stable α-helical structure. Also, it exhibited excellent gel-forming performances, mainly including garlic-cloves shaped protein gel, stronger springiness, and enhanced L* and whiteness. Correlation analysis showed that the gel’s physical properties were differently related to the protein’s physicochemical characteristics except for total free amino acids. These results could lay a theoretical foundation for the gel formation mechanism of fermented mandarin fish.