Protein from black beans (Phaseolus vulgaris L.) has good solubility, emulsification, and antioxidant properties, with significant potential applications in the food industry. Maillard-reaction-mediated dry-heat glycosylation is a relatively safe modification method to improve the functional properties of black bean protein (BBP). Here, Maillard-reacted conjugates were prepared by applying 24-h dry-heating to induce a reaction between BBP and one of three carbohydrates (dextran, chitosan, and sodium alginate) at 70°C and 79% relative humidity. The resulting Maillard conjugates were designated as BBP-Dex, BBP-Ch, and BBP-SA, respectively. The formation of each Maillard conjugate was characterized by analyzing the grafting degree, free sulfhydryl (SH) groups content, and surface hydrophobicity, as well as the results of Fourier-transform infrared (FTIR) spectroscopy and fluorescence spectroscopy. The FTIR and fluorescence spectroscopy results provided information on the formation of the Maillard conjugates. The BBP-SA conjugate had a higher grafting degree and SH group content than the other two conjugates. The solubility, emulsifying properties, and antioxidant properties of the BBP were significantly improved after the Maillard reaction (p < 0.05). Moreover, the physicochemical and functional properties of the conjugates were superior to those of the BBP-carbohydrate mixtures, indicating that covalent interactions may be stronger than noncovalent interactions. This study provides theoretical guidance for future research on protein-carbohydrate conjugates. PRACTICAL APPLICATION: This study has great potential applications in the development of new multi-functional food ingredients and the realization of functional factor homeostasis, and provides scientific and theoretical bases for the application of protein-carbohydrate conjugate in the field of functional food.