Many proteins are essential food components but also major allergens. Reducing protein allergenicity while preserving its nutritional value and technofunctional properties has always been the goal of the food industry. Ultrasound (US) is a green processing method for modifying proteins. In addition, US pretreatment combined with other processing techniques (USPCT) has been increasingly used in the food industry. Therefore, this review presents an overview of recent advances in the impact of US and USPCT (US‐combined enzymatic hydrolysis [USCE], US‐combined glycation [USCG], and US‐combined polyphenol conjugation [USCP]) on the allergenicity, nutritional value, and technofunctional properties of food allergens. We discuss the potential mechanisms, advantages, and limitations of these technologies for improving the properties of proteins and analyze their safety, challenges, and corresponding solutions. It was found that USPCT can improve the efficiency and effectiveness of different methods, which in turn can be more effective in reducing protein allergenicity and improving the nutritional value and functional properties of processed products. Future research should start with new processing methods, optimization of process conditions, industrial production, and the use of new research techniques to promote technical progress. This paper is expected to provide reference for the development of high‐quality hypoallergenic protein raw materials.