The popularity of plant-based proteins has increased, and mung bean protein (MBP) has gained immense attention due to its high yield, nutritional value, and health benefits. MBP is rich in lysine and has a highly digestible indispensable amino acid score. Dry and wet extractions are used to extract MBP flours and concentrates/isolates, respectively. To enhance the quality of commercial MBP flours, further research is needed to refine the purity of MBPs using dry extraction methods. Furthermore, MBP possesses various biological potential and techno-functional properties, but its use in food systems is limited by some poor functionalities, such as solubility. Physical, biological, and chemical technologies have been used to improve the techno-functional properties of MBP, which has expanded its applications in traditional foods and novel fields, such as microencapsulation, three-dimensional printing, meat analogs, and protein-based films. However, study on each modification technique remains inadequate. Future research should prioritize exploring the impact of these modifications on the biological potential of MBP and its internal mechanisms of action. This review aims to provide ideas and references for future research and the development of MBP processing technology.