In the present study, a fat substitute with the protein complex of soy protein isolate (SPI) and egg white protein (EWP) was prepared. The suitable gel formation temperature was 95 °C; the gel formation temperature was found to increase with pH. The gel system with the lowest hardness and easiest microparticulation was identified at the optimal concentration of the protein blend (9.09%). Taking the water holding capacity (WHC), texture and rheological properties into account, the optimal proportion of SPI and EWP was 1:1 (w/w). The average size of the protein particles was 4.53 μm under the microparticulation condition of 10 000 rad min −1 for 3 min. The application of the microparticulate protein blend as a fat analogue in dumpling stuffing was studied and evaluated by sensory analysis, texture analysis, and chroma analysis. The best substitution ratio of the fat analogue was 5%. The fat substitute prepared in this study could be a candidate for healthy food.