Plant-based (PB) meat alternatives are developing due to the consumer’s demand, especially those who are mainly health-concerned. Soy proteins (SP) are commonly used as the main ingredients for PB meat analogues; however, SP may have adverse effects on the cognitive function and mood of humans. This study aimed to use grey oyster mushroom (GOM) and chickpea flour (CF) as an alternative source of SP to prepare emulsion-type sausages (ES). The effect of different hydrocolloids and oil on the quality of sausage was also investigated. The sausage was prepared using different concentrations of GOM and CF (20:20, 25:15, and 30:10 w/w). The GOM to CF ratio 25:15 was selected for the ES based on protein content, textural properties, and sensory attributes. The result indicated that sausage containing konjac powder (KP) and rice bran oil (RBO) provided a better texture and consumer acceptability. The final product showed higher protein (36%, dry basis), less cooking loss (4.08%), purge loss (3.45%), higher emulsion stability, and better consumer acceptability than the commercial sausage. The best recipe for mushroom-based ES is 25% GOM, 15% CF, 5% KP, and 5% RBO. In addition, GOM and CF could be an alternative option to replace SP in PB meat products.