The electrostatic interactions and complex formation of Tremella fuciformis polysaccharide (TPS) with whey protein (WPI), lentil protein (LPI), and soy protein (SPI) isolates were studied. The molecular size and components in each protein isolate complexed with TPS were characterized, along with the structural changes in the protein components, induced by TPS complexation. The stability of emulsions prepared with protein:TPS complexes was also evaluated (pH 4.5). Compared to WPI, the LPI and SPI protein components exhibited more negative charges and larger molecular sizes. Independent of the isolate type, pHc of all protein:TPS systems remained unchanged and pHɸ1 shifted to higher pHs as the protein/TPS ratio increased; the pHopt of WPI:TPS and SPI:TPS occurred at higher values as the protein/TPS ratio increased, while the pHopt of LPI:TPS system was less dependent on the biopolymer mixing ratio, probably due to the lower solubility of LPI. Protein components such as β-LG in WPI, convicilin, vicilin, and basic legumin in LPI, and α’ subunits of 7S β-conglycinin and acidic subunits of 11S glycinin in SPI might be the main components interacting with TPS for complex formation. Different proteins exhibited distinct trends in changing their secondary structural elements when interacting with TPS. At pH 4.5, a high proportion of TPS increased the stability of protein emulsion, regardless of the protein used. The WPI:TPS emulsions with low content of TPS were highly destabilized due to the formation of insoluble WPI:TPS complex coacervates, a phenomenon not observed in emulsions stabilized by the LPI:TPS or SPI:TPS systems.