Consumers are increasingly demanding foods that are more ethical, sustainable and nutritious to improve the health of themselves and the planet. The food industry is currently undergoing a revolution, as both small and large companies pivot toward the creation of a new generation of plant‐based products to meet this consumer demand. In particular, there is an emphasis on the production of plant‐based foods that mimic those that omnivores are familiar with, such as meat, fish, egg, milk, and their products. The main challenge in this area is to simulate the desirable appearance, texture, flavor, mouthfeel, and functionality of these products using ingredients that are isolated entirely from botanical sources, such as proteins, carbohydrates, and lipids. The molecular, chemical, and physical properties of plant‐derived ingredients are usually very different from those of animal‐derived ones. It is therefore critical to understand the fundamental properties of plant‐derived ingredients and how they can be assembled into structures resembling those found in animal products. This review article provides an overview of the current status of the scientific understanding of plant‐based foods and highlights areas where further research is required. In particular, it focuses on the chemical, physical, and functional properties of plant‐derived ingredients; the processing operations that can be used to convert these ingredients into food products; and, the science behind the formulation of vegan meat, fish, eggs, and milk alternatives.