Seeking cheap, sustainable protein sources greatly facilitates in alleviating the dependence upon expensive animal-based protein in many developing countries. Caragana korshinskii Kom. offers a good alternative feedstock because of its high-content of protein, low fertilizer and pesticide requirements, excellent stress (high salty and less water) tolerance, wide adaptability, etc. The functional properties of C. korshinskii Kom. protein isolates by three different extraction methods were investigated. The extraction processes greatly influenced the physiological characteristics of protein isolates. C. korshinskii Kom. protein isolate by traditional alkaline extraction (Al-CPI) exhibited good performance on emulsifying activity index, oil and water absorption capacity, and foaming property compared to A-CPI ( C. korshinskii Kom. protein isolate by the acetone precipitation method) and TCA-CPI ( C. korshinskii Kom. protein isolate by trichloroacetic acid-acetone precipitation). The water and oil adsorption capacities of Al-CPI were observed at 4.99 and 3.45 g/g, respectively, even much higher than those of soy protein isolate (SPI) (3.94 and 2.95 g/g, respectively). The highest foaming capacity was observed by Al-CPI at 185.0%, followed by A-CPI (177.5%), TCA-CPI (142.5%), and SPI (141.9%), respectively. It has to be noted that A-CPI showed good solubility at acidic pH and excellent in vitro digestibility. After sequential pepsin-trypsin digestion, the percentage of N release of A-CPI reached up to 83.7%, which was 1.63 times that of Al-CPI (51.2%), 1.19 times that of TCA-CPI (70.1%), and slightly higher than that of the commercial SPI (82.5%). These results indicate that C. korshinskii Kom. holds great potential for application in the animal feed and food additive industry.