An updated review of emerging plant proteases with potential biotechnological application is presented. Plant proteases show comparable or even greater performance than animal or microbial proteases for by‐product valorization through hydrolysis for, for example, cheese whey, bird feathers, collagen, keratinous materials, gelatin, fish protein, and soy protein. Active biopeptides can be obtained as high added value products, which have shown numerous beneficial effects on human health. Plant proteases can also be used for wastewater treatment. The production of new plant proteases is encouraged for the following advantages: low cost of isolation using simple procedures, remarkable stability over a wide range of operating conditions (temperature, pH, salinity, and organic solvents), substantial affinity to a broad variety of substrates, and possibility of immobilization. Vegetable proteases have enormous application potential for the valorization of industrial waste and its conversion into products with high added value through low‐cost processes.