Nowadays, plant-based proteins are gaining momentum due to their wide availability, good amino acid content, and their market appeal. Unfortunately, these molecules usually have low water solubility, affecting other functional characteristics, such as foaming and emulsification, opening technological opportunities for research. Some plant-based protein applications rely on adjustments to final formulations and changing these chemical structures to produce new protein ingredients is also a path widely used in recent research. These modifications can be classified as physical or chemical, the latter being the most popular, and hydrolysis is one of the more widely reported modifications. This review explores the application of chemical modifications to plant-based proteins to improve techno-functional properties, when applied as part of food formulations. In addition, acetylation and succinylation, as the second and third most used processes, are discussed, including a deep analysis of their effects. Furthermore, since there is no concise compilation of patents associated with these technological efforts, some of the references that involve chemical modifications and current regulations used worldwide for novel foods produced with these technologies are included in this review. Finally, future perspectives for the chemical modification of proteins are discussed.