This review presents a comprehensive analysis of plant-based proteins from soybeans, pulses, cereals, and pseudo-cereals by examining their structural properties, modification techniques, bioactivities, and applicability in food systems. It addresses the critical need for a proper utilization strategy of proteins from various plant sources amidst the rising environmental footprint of animal protein production. The inherent composition diversity among plant proteins, their nutritional profiles, digestibility, environmental impacts, and consumer acceptance are compared. The innovative modification techniques to enhance the functional properties of plant proteins are also discussed. The review also investigates the bioactive properties of plant proteins, including their antioxidant, antimicrobial, and antitumoral activities, and their role in developing meat analogs, dairy alternatives, baked goods, and 3D-printed foods. It underscores the consideration parameters of using plant proteins as sustainable, nutritious, and functional ingredients and advocates for research to overcome sensory and functional challenges for improved consumer acceptance and marketability.