The study aimed to investigate the effect of introducing texturized soy protein (TSP) at different levels (15% and 30%) with and without nutritional yeast as flavour enhancer on the sensory and instrumental quality of beef meatballs, compared to a soy and yeast-free control. Proximate analysis, colour, instrumental texture, cook loss, and sensory quality were investigated. Sixty participants assessed the samples using Check-all-that-apply (CATA) questions and hedonic scales. Overall, the texture of all TSP-containing samples received significantly higher acceptability scores than control, while 15% TSP with yeast received the highest flavour and overall acceptability scores. Penalty-lift analysis of CATA terms identified the main drivers for liking as “moist looking”, “juicy”, “soft” and “crumbly and easy to cut”. Control samples were significantly more often associated than the other recipes to the term “hard”, a key driver for dislike and the least associated to “soft” and “crumbly and easy to cut”. Adding 15–30% TSP with or without yeast inclusion could be beneficial for the development of future meat hybrids with acceptable sensory quality.