Clanis Bilineata Tingtauica Mell Protein (CBTMP) was a kind of natural full-price protein which has a bright application prospect in the food industry. Since the functional properties of protein can be significantly affected by drying method, this study aims to explore the effect of different drying methods, namely freeze drying (FD), vacuum drying (VD),and hot-air drying (HD) on the structure and functional properties of CBTMP. The results showed that the degree of oxidation of CBTMP was found to be in the following order: HD > VD > FD. Functional characteristics revealed that the CBTMP prepared by VD had relatively high foaming ability (150.24 ± 5.34°C) among three drying methods. However, the stability of emulsion and rheological properties prepared by FD was superior to other samples. Differential scanning calorimeter (DSC) showed CBTMP made by HD had the relatively good thermal stability (Tp = 91.49 ± 0.19 °C), followed by VD and FD. Digestive properties reflected that heating treatment could significantly increase its degree of hydrolysis in vitro. To sum up, the research could provide experimental guidance and theoretical support for the preparation method and utilization of CBTMP.