The protein buffer system is a crucial mechanism for maintaining acid-base balance in the body by utilizing proteins to either accept or donate hydrogen ions (H+) depending on the pH level. Proteins, due to their amino acid composition, can act as both acids and bases, which makes them effective buffers. This system works alongside other buffering systems, such as bicarbonate and phosphate buffers, to ensure that the body's pH remains within a narrow range, essential for optimal physiological function.