Mulberry leaf protein is a potentially functional food component and health care agent with antioxidant and anti-inflammatory properties. However, its composition, immunoregulatory effects, and gut microbial regulatory effects are unclear. Herein, ultra-filtrated and gel-fractionated mulberry leaf protein (GUMP) was characterized. Its effects on cyclophosphamide-induced immunosuppressed mice were further investigated. The results indicated that GUMP is a glycoprotein mainly containing glucose, arabinose, and mannose with 9.23% total sugar content. Its secondary structure is mainly β-sheet. LC–MS/MS analysis showed that GUMP closely matched with a 16.7 kDa mannose-binding lectin and a 52.7 kDa Rubisco’s large subunit. GUMP intervention significantly improved serous TNF-α, IL-6, and IL-2 contents; increased serum immunoglobulins (IgA and IgG) levels; and reversed splenic damage prominently. Moreover, GUMP administration increased fecal shot-chain fatty acid concentration and up-regulated the relative abundance of Odoribacter, which was positively correlated with SCFAs and cytokine contents. Overall, GUMP alleviated immunosuppression through the integrated modulation of the gut microbiota and immune response. Therefore, GUMP could be a promising dietary supplement to help maintain gut health.