Numerous examples of next‐generation plant‐based foods, such as meat, seafood, egg, and dairy analogs, are commercially available. These products are usually designed to have physicochemical properties, sensory attributes, and functional behaviors that match those of the animal‐sourced products they are designed to replace. However, there has been concern about the potential negative impacts of these foods on human nutrition and health. In particular, many of these products have been criticized for being ultraprocessed foods that contain numerous ingredients and are manufactured using harsh processing operations. In this article, the concept of ultraprocessed foods is introduced and its relevance to describe the properties of next‐generation plant‐based foods is discussed. Most commercial plant‐based meat, seafood, egg, and dairy analogs currently available do fall into this category, and so can be classified as ultraprocessed plant‐based (UPB) foods. The nutrient content, digestibility, bioavailability, and gut microbiome effects of UPB foods are compared to those of animal‐based foods, and the potential consequences of any differences on human health are discussed. Some commercial UPB foods would not be considered healthy based on their nutrient profiles, especially those plant‐based cheeses that contain low levels of protein and high levels of fat, starch, and salt. However, it is argued that UPB foods can be designed to have good nutritional profiles and beneficial health effects. Finally, areas where further research are still needed to create a more healthy and sustainable food supply are discussed.