Over the past few decades, seaweed has been explored as a sustainable source in biotechnological and biomedical industries because of its multiple biopotential actions. However, the composition of biomolecules such as carbohydrates, lipids, fatty acids, free amino acids, ash, minerals, vitamins, and especially protein in green seaweeds varies from species to species based on their growth stage and the environmental conditions. Specifically, seaweed‐derived bioactive proteins and peptides have the potential for several health benefits. They serve as a balanced diet. Protein which is an extensive macronutrient in human nutrition, should be explored to avoid using animal‐sourced protein, which is expensive to consume. Bioactive peptides that are isolated from marine algae consist of various kinds of functional properties. In the food industry, seaweeds are novel molecules for being used in both nutritional foods and nutraceuticals. In both in vitro and In vivo conditions, various seaweed‐derived bioactive compounds have shown a broad range of biological activities including anti‐cancer and immunomodulatory, anti‐hypertensive, and anti‐coagulant activities. Hence, this review paper discusses the screening of seaweed‐derived biochemicals with a special focus on their proteins, peptide contents, and nutra‐pharmaceutical values.