The significantly shortened shelf life of reduced-salt frankfurters necessitates the development of effective, non-chemical preservatives. This study aimed to optimise the ratio of nisin, ε-polylysine (ε-PL), and chitosan (CTS) and elucidate its effects on the bacterial community, physicochemical properties, and shelf life of reduced-salt frankfurters during refrigeration. The results indicated that the optimal composition of the ternary biological preservative (TBP) was 0.16, 0.18, and 0.47 g/kg of nisin, ε-PL, and CTS, respectively. The TBP significantly reduced bacterial diversity and inhibited spoilage bacteria such as Brochothrix thermosphacta, decreasing its relative abundance from 40.34% in the control group to 23.02% by day 70, while regulating the overall bacterial community composition. Moreover, the TBP-enhanced reduced-salt frankfurters maintained superior moisture and colour characteristics during storage at 4 °C, minimised pH fluctuations, decelerated fat oxidation and protein degradation, and ultimately delayed texture loss and flavour deterioration. A validated predictive model confirmed a 102-day shelf life for the TBP-enhanced reduced-salt frankfurters, surpassing that of preservative-free samples by 54.55% and that of samples with commercially available preservatives (CAP) by 4.08%. Therefore, our findings demonstrate that the TBP represents an efficient biological preservative strategy, offering a robust solution for developing non-chemical, high-quality, shelf-stable reduced-salt emulsified meat products.