According to an estimate, protein consumed by people globally constitutes 20% of their total calorie intake. However, the 'building blocks of life', proteins are not only lacking in the diet of people of most developed and developing nations but are often overlooked. Today there is an unprecedented challenge to produce and feed adequate protein to over 8 billion people in an environmentally friendly and affordable way. Interestingly, health and climatic conditions, especially the Covid 19 pandemic have led to a paradigm shift in consumer eating habits and mindset. They are reconsidering diets, viewing foods as medicine, and are inclined toward paying an added amount for sustainable healthy foods. Plant-based proteins present exciting opportunities to meet the food challenges of the future and deliver healthy and responsible food choices. They are a potential solution to our nutritional needs due to their long history of crop use and cultivation, lower cost of production, and easy access But, the poor techno-functional and bio-functional properties of plant proteins such as low solubility, poor foaming, emulsifying, and gelling properties, along with low bioactivity and digestibility limit their use in food products and formulations. Relative to animal proteins, including dairy products, plant protein manufacturing, and processing requirements are still at a nascent stage and small businesses or startups fail to find a steady start. To mitigate such issues, technological advances are required in the development of plant protein ingredients and foods. This review focuses on the challenges and opportunities in the process of implementing plant protein ingredients in foods. It elucidates the functional properties of plant-derived proteins, the technical challenges behind incorporating them in food systems, and some novel physical, chemical, and biological processing operations that can be employed to improve their extraction, functionality, nutritional profile, and sensory attributes. Finally, the science behind formulating innovative plant-based meat, egg, and dairy alternative products is also discussed to present a roadmap for creating future foods with plant proteins.