Micellar casein isolate (MCI) and modified MCI (plasmin-treated MCI [PMCI], and calcium-reduced MCI [CaMCI]) were characterized to assess their potential applications in infant formula. Structural traits (protein composition, solubility, turbidity, particle size) and functional properties (enzyme-induced coagulation, hydrolysis) were systematically assessed, providing critical insights into gastric clotting and digestion behavior. Firstly, the protein profiling result proved that the degradation fragment peaks appeared in PMCI. Then, six kinds of protein blends were prepared by using different types of MCI and whey protein concentrate (WPC) at both human (40:60 w/w casein:whey) and bovine (80:20 w/w casein:whey) milk-equivalent ratios, the bovine milk was used as reference. For the 40:60 ratios mixtures, PMCI: WPC and CaMCI:WPC had better solubilities than normal MCI:WPC. Furthermore, CaMCI:WPC blends showed the lowest turbidity of both ratios (40:60 and 20:80). After the pepsin and chymosin treatment, pepsin-induced coagulation of MCI:WPC (80:20) resulted in lower gel strength compared with chymosin but still presented higher gel strength than PMCI:WPC (80:20). There was no difference in coagulation performance of PMCI blends between pepsin and chymosin, while MCI:WPC at 40:60 and CaMCI:WPC (both 40:60 and 80:20) samples did not coagulate at all. Based on levels of free N-terminal, for the MCI:WPC (80:20) and PMCI:WPC (80:20), chymosin and pepsin showed similar hydrolysis efficiency, while in their 40:60 blends, pepsin induced greater hydrolysis than chymosin. CaMCI blends had the highest soluble protein content, but the lowest hydrolysis efficiency. Correlation analysis further demonstrated the relationship between physicochemical properties of ingredient blends with functional metrics.