Traditionally, animal proteins have been regarded as a primary source of dietary proteins. However, in recent years, dietary intake patterns in the general population have shown a paradigm change in favor of plant-based food proteins, largely driven by the pursuit of more sustainable protein sources. This review discusses recent research developments in the exploration of various emerging plant-based proteins as viable and sustainable alternatives to animal proteins. The latest developments in extraction, including green extraction and the characterization of proteins from various plant sources, have been thoroughly discussed. Moreover, we highlight the health benefits of plant proteins and their derivatives, such as protein hydrolysates and bioactive peptides. A comprehensive discussion on the current and potential future applications of plant proteins as alternatives to animal protein analogs in the food industry is presented. In addition to offering insightful recommendations for future research and practical applications, this review aims to enhance our understanding of plant-based proteins as viable and acceptable substitutes for animal-derived proteins.