Plant-based protein isolates and concentrates are nowadays becoming popular due to their nutritional, functional as well as religious concerns. Among plant proteins, oilseeds, a vital source of valuable proteins, are continuously being explored for producing protein isolates/concentrates. This article delineates the overview of conventional as well as novel methods for the extraction of protein and their potential impact on its hydration, surface properties, and rheological characteristics. Moreover, proteins undergo several modifications using physical, chemical, and biological techniques to enhance their functionality by altering their microstructure and physical performance. The modified proteins hold a pronounced scope in novel food formulations. An overview of these protein modification approaches and their effects on the functional properties of proteins have also been presented in this review.