Fish protein hydrolysates have garnered much attention owing to their beneficial properties and potential application. In this study, the effect of different hydrolysis times (4 h, 8 h) of the giant squid hydrolysates (GSHs) on rheological properties and microstructure of konjac glucomannan-kappa-carrageenan-locust bean gum gel (P gel) was observed in this study. Rheological measurement showed that GSH-P gels obtained higher viscoelastic modulus and stronger interaction, corresponding to the micro-phase separation of polysaccharides-proteins/peptides and large junction zones, as observed by confocal laser scanning microscopy. The molecular weight distribution and zeta-potential results indicated that the molecular weight and charge density of 4 h-GSH was higher than those of 8 h-GSH, resulting in a greater degree of phase separation from polysaccharides. In conclusion, GSHs can be used as a reinforcing agent for polysaccharide gels to adjust the gel texture, providing a theoretical basis for the development of new gel products.