Rapeseed (Brassica napus L.), commonly known as canola, is a key oilseed crop with an emerging interest in its protein content. Rapeseed proteins, primarily cruciferin and napin, are valued for their balanced amino acid profile, making them a promising source of plant-based protein. These proteins demonstrate diverse functional properties, such as emulsification, foaming, and gelling, which are essential for food applications. However, the extraction and isolation processes pose challenges, particularly in retaining functionality while minimizing antinutritional compounds like glucosinolates and phytates. Additionally, off-flavors, bitterness, and limited solubility hinder their widespread use. To address these challenges, novel extraction and modification techniques, including enzymatic and fermentation methods, have been explored to enhance protein functionality and improve flavor profiles. Moreover, sustainable production methods, such as enzymatic hydrolysis and membrane filtration, have been developed to reduce environmental impacts, resource consumption, and waste generation associated with rapeseed protein production. Despite the current challenges, rapeseed protein holds significant potential beyond food, with applications in biomedicine and materials science, such as biodegradable films and drug delivery systems. Future research should focus on optimizing extraction techniques, improving functional properties, and mitigating off-flavors to fully unlock the potential of rapeseed protein as a sustainable and versatile protein source for the growing global demand.