Oligodendrocytes (OLs) are glial cells of the central nervous system which produce myelin. Cultured OLs provide immense therapeutic opportunities for treating a variety of neurological conditions. One of the most promising sources for such therapies is human embryonic stem cells (ESCs), as well as providing a model to study human oligodendrocyte development. For these purposes, an investigation of proteome level changes is critical for understanding the process of OL differentiation. In this report, an iTRAQ-based quantitative proteomic approach was used to study multiple steps during oligodendrocyte differentiation including neural precursors (NPCs), glial precursors (GPCs), and oligodendrocyte progenitors (OPCs) compared to undifferentiated embryonic stem cells. Using a 1% false discovery rate cutoff, ~3,145 proteins were quantitated and several demonstrated progressive stage-specific expression. Proteins such as TF, NCAM1, APOE, and WNT5A showed increased expression from the NPC to OPC stage. Several proteins that have demonstrated evidence or been suspected in OL maturation were also found upregulated in OPCs including FABP4, THBS1, BMP1, CRYAB, TF, TNC, COL3A1, TGFBI and EPB41L3. Thus, by providing the first extensive proteomic profiling of human embryonic stem cell differentiation into oligodendrocyte progenitor cells, this study provides many novel proteins that are potentially involved in OL development.