Protein nanotubes (PNTs) as state‐of‐the‐art nanocarriers are promising for various potential applications both in the food and pharmaceutical industries. Due to the edible starting sources, i.e., α‐lactalbumin, lysozyme, bovine serum albumin, and ovalbumin, PNTs bear properties of biocompatibility and biodegradability. Additionally, their large specific surface area and hydrophobic core can be used for chemical modification and loading of bioactive substances, respectively. Moreover, their enhanced permeability and penetration ability across biological barriers such as intestinal mucus, extracellular matrix, thrombus clot, and biofilms, make it a promising delivery platform and biomaterials for health‐related applications and biological systems. Most importantly, their simple preparation processes enable large‐scale production, making it possible targeting applications in the biomedical and nanotechnological fields. Understanding the self‐assembly principles for these systems is important for controlling their morphology, size, and shape, and thus provides the ground to a multitude of applications. Here, we comprehensively review the current state‐of‐the‐art of PNTs including their building materials, physicochemical properties, self‐assembly and formation mechanisms. We then discuss and highlight the advantages and limitations, as well as challenges and prospects of these PNTs for their successful application in biomaterial and pharmaceutical sectors. We also highlight potential cytotoxicity of PNTs and the need of regulations as a critical factor for enabling in vivo applications. In the end, a brief summary and future prospects for PNTs as advanced material platforms and delivery systems are included.This article is protected by copyright. All rights reserved