Blanching is a critical step in the processing of Tremella fuciformis (T. fuciformis). The effects of different blanching methods (boiling water blanching (BWB), ultrasonic-low temperature blanching (ULTB), and high-temperature steam (HTS)) on the quality and moisture migration characteristics of T. fuciformis were investigated. The results showed that the T. fuciformis blanched by ULTB (70 °C, 2 min, 40 kHz, 300 W) had the best quality, including a brighter appearance, superior texture, and good sensory features, with a polysaccharide content of 3.90 ± 0.02%. The moisture migration characteristics of T. fuciformis after blanching exhibited four peaks, displayed strong and weak chemically bound water, immobilized water, and free water, whereas ULTB had a weak effect on the freedom of water in T. fuciformis. The study will provide the foundation for the factory processing of T. fuciformis.