In recent years, various types of plant-based meat, dairy, and seafood alternatives merged in the health-conscious consumer market. However, plant-based alternatives present complexity in terms of nutritional profile and absorption of nutrients after food ingestion. Thus, this review summarizes current strategies of plant-based alternatives and their nutritional analysis along with gastrointestinal digestion and bioavailability. Additionally, regulatory frameworks, labeling claims, and consumer perception of plant-based alternatives are discussed thoroughly with a focus on status and future prospects. Plant-based alternatives become a mainstream of many food-processing industries with increasing alternative plant-based food manufacturing industries around the world. Novel food processing technologies could enable the improving of the taste of plant-based foods. However, it is still a technical challenge in production of plant-based alternatives with authentic meaty flavor. In vitro gastrointestinal digestion studies revealed differences in the digestion and absorption of plant-based alternatives and animal-based foods due to their protein type, structure, composition, anti-nutritional factors, fibers, and polysaccharides. Overall, plant-based alternatives may facilitate the replacement of animal-based foods; however, improvements in nutritional profile and in vitro digestion should be addressed by application of novel processing technologies and food fortification. The specific legislation standards should be necessary to avoid consumer misleading of plant-based alternatives. Graphical Abstract