The market for plant-based meat alternatives is growing to meet consumer demands for a more sustainable, ethical, and healthy diet, as well as to address global food security issues linked to an increasing global population and climate change. Increased consumption of plant-based meat products raises questions about potential food safety risks, including concerns about allergenicity, toxicity, foodborne pathogens, and adequate nutritional composition. From a public health perspective, there has been limited research on the nutritional and health aspects of plant-based meat products, and studies of potential food safety risks of these novel protein sources are not well documented. Much of the research on the nutrition and safety of these foods has been commissioned or funded by companies developing these products, or by other organizations promoting them. This article reviews the existing literature and analyses the potential food safety and health risks associated with plant-based meat products, including nutritional, chemical, microbiological, and allergen concerns. This review has revealed several research gaps that merit further exploration to inform the conversation around the future development and commercialization of plant-based meat substitutes. Further research, technological advancements, food standards, and risk assessment and a multidisciplinary approach are essential to address safety concerns and facilitate the responsible use of new-generation plant-based meat alternatives, particularly for emerging foods with limited knowledge of their risks and benefits.