To improve the quality characteristics of noodles and enrich nutritional value, Tremella fuciformis (TF) powder was incorporated into noodles. Tremella fuciformis (TF) is an edible fungus with rich nutritional value, and TF gel has good viscosity properties. This paper explored the effect of TF on noodle quality, and compared the difference between TF and three hydrocolloids: sodium alginate (SA), guar gum (GG) and xanthan gum (XG). The results showed that TF could significantly (p < 0.05) increase the hardness, adhesiveness and chewiness of noodles, and showed a decreasing trend for additions greater than 3%. The addition of 3% TF enhanced storage modulus (G′), loss modulus (G″) and elasticity of dough. The addition of 3% TF also increased α-helix and β-sheet content, and degradation temperature in noodles. Meanwhile, it elevated the deeply bound water content and retarded water mobility. In addition, the content of slowly digestible starch and resistant starch in the noodles increased with the addition of 3% TF. It was found that the effect of 3% TF on the above data was not different from the effects of the three hydrocolloids (respectively, their optimal additions), and improved the quality characteristics of the noodles. The results provide guidance for the application of TF and the development of a new natural hydrocolloid and nutritionally fortified noodles.