Scanning electron microscopy (SEM), texture profile analysis (TPA) and dynamic rheology technique were applied to investigate the effect of traditional bittern and different water in oil (W/O) emulsion coagulants on the rheological properties and microstructure of cold-set SPI gels. Rheological tests suggested that the development of the mechanical moduli (G′) of these SPI gels was highly dependent on the release rate of magnesium salts from W/O emulsions. The values of G′in all cold-set SPI gels gradually increased with the extension of time and W/O emulsion coagulants prolonged the solidification time of cold-set SPI gels in comparison with traditional bittern coagulant. This could be attributed to the controlled-release properties of W/O emulsion coagulants. In addition, cold-set SPI gel prepared with W/O emulsion coagulant containing WPI exhibited a longer solidification time and a lower value of G′than W/O emulsions without WPI. Cold-set SPI gels induced by W/O emulsion coagulants had better microstructure than that of traditional bittern coagulant as shown by SEM results, which elucidated that W/O emulsion coagulants could obviously decrease the strength of cold-set SPI gels and produce protein gels with smaller pores and more homogeneous network structure.