Walnut protein is a kind of natural, high-quality plant protein resource. However, its high content of gluten, strong hydrophobicity and poor gelation ability have greatly limited its development and utilization in gel products. It was found in this experiment that ultrasonic power combined with transglutaminase (TGase) had a significant effect on the gel properties of the walnut protein isolate (WNPI)-κ-carrageenan (KC) complex. The results showed that the gel strength of the WNPI-KC complex first increased and then decreased with the increase in ultrasonic power (0-400 W). WNPI-KC composite gel had the best texture properties, rheological properties, water-holding capacity (99.41 ± 0.76%), swelling ratio (2.31 ± 0.29%) and thermal stability (83.22 °C) following 200 W ultrasonic pretreatment. At this time, the gel network was more uniform and much denser, and the water molecules were more tightly bound. Further, 200 W ultrasonic pretreatment could promote the transformation of α-helices to β-folds in protein molecules, improve the fluorescence intensity, increase the content of free sulfhydryl groups and enhance the intermolecular forces. The experimental results could provide technical support for the development of walnut protein gel food.