Wolffia globosa is an interesting alternative plant-based protein source containing up to 40% protein dry weight. Dried duckweed protein extract (PE) was obtained using ultrasound-assisted extraction (UAE) before isoelectric precipitation (pH 3.5) to yield protein concentrate (PC) and protein solution (PS). The PC was hydrolyzed using Alcalase enzyme to obtain protein concentrate hydrolysate (PCH). Among all fractions, PCH exhibited antimicrobial properties by decreasing populations of Vibrio parahaemolyticus and Candida albicans at 0.43 ± 1.31 log reduction (66.21%) and 3.70 ± 0.11 log reduction (99.98%), respectively. The PE and PS also showed high solubilities at pH 8 of 90.49% and 86.84%, respectively. The PE demonstrated the highest emulsifying capacity (EC) (71.29%) at pH 4, while the highest emulsifying stability (ES) (~98%) was obtained from the PE and PS at pH 6 and pH 2, respectively. The major molecular weights (Mw) of the PE, PC, PCH and PS were observed at 25, 45, 63 and 100 kDa, with a decrease in the Mw of the PCH (<5 kDa). The PCH contained the highest total amino acids, with aspartic acid and glutamic acid being the major components. The results revealed the antimicrobial and functional properties of duckweed protein and hydrolysate for the first time and showed their potential for further development as functional food ingredients.