SummaryEffect of iced storage of jumbo squid mantle with fin on gelling capacity and changes in protein fractions and functional properties of jumbo squid mantle protein during storage at 0 °C were assessed. Most values of texture variables in gels did not significantly change during storage. On average, they were: strength 65.07 ± 4.71 N; elasticity 68.14 ± 5.3%, fracturability 52.97 ± 1.28 N and cohesiveness 36.6 ± 0.1%. Protein solubility increased more than 40%. Whippability increased during storage for 16 days at 0 °C (81–162%), as did foam stability (73–94%). Results suggest that iced squid mantle protein is a suitable ingredient for food products where these functional properties are desirable. Muscle fibres of squid mantle undergo various changes during storage. At 0 °C, they are disrupted, whereas at −20 °C, they aggregate and develop empty spaces in the tissue.