Setting is an important process for the control of surimi quality in industry because it can improve the gel texture and water-holding capacity of surimi-based products. Therefore, the effect of setting on giant squid surimi-based product was analyzed via a mixture model. Konjac flour and microbial transglutaminase were used as texture enhancers. Both texture enhancers improved the texture and water retention ability (WRA) of giant squid surimi-based products, while decreasing the whiteness. Setting also improved the gel texture and WRA, while having no effect on the whiteness. Based on the sensory evaluation, the product with gel texture enhancers was better than the control and similar to commercial surimi products. Therefore, the applications of gel texture enhancers and setting are very important for the manufacture of giant squid surimi-based products.