Plant protein is rapidly becoming more of a prime interest to consumers for its nutritional and functional properties, as well as the potential to replace animal protein. In the frame of alternative protein new sources, mung bean is becoming another legume crop that could provide high quality plant protein after soybean and pea. In particular, the 8S globulins in mung bean protein have high structural similarity and homology with soybean β‐conglycinin (7S globulin), with 68% sequence identity. Currently, mung bean protein has gained popularity in food industry because of its high nutritional value and peculiar functional properties. In that regard, various modification technologies have been applied to further broaden its application. Here, we provide a review of the composition, nutritional value, production methods, functional properties and modification technologies of mung bean protein. Furthermore, its potential applications in the new plant‐based products, meat products, noodles, edible packaging films and bioactive compound carriers are highlighted to facilitate its utilization as an alternative plant protein, thus meeting consumer demands for high quality plant protein resources. © 2023 Society of Chemical Industry.