Plant proteins can meet consumers' demand for healthy and sustainable alternatives to animal proteins. It has been reported to possess numerous health benefits and is widely used in the food industry. However, conventional extraction methods are time-consuming, energy-intensive, as well as environmentally unfriendly. Plant proteins are also limited in application due to off-flavors, allergies, and anti-nutritional factors. Therefore, this paper discusses the challenges and limitations of conventional extraction processes. The current advances in green extraction technologies are also summarized. In addition, methods to improve the nutritional value, bioactivity, functional and organoleptic properties of plant proteins, and strategies to reduce their allergenicity are mentioned. Finally, examples of applications of plant proteins in the food industry are presented. This review aims to stimulate thinking and generate new ideas for future research. It will also provide new ideas and broad perspectives for the application of plant proteins in the food industry.