Due to population and environmental concerns, more sustainable proteins are needed as alternatives to traditional proteins, including meat, milk, and soy proteins. Amaranth protein has been considered as a complete protein that is also gluten-free and balanced in amino acid composition. Amaranth protein is rich in bioactive peptides, and its hydrolysis products have been demonstrated to be potential in preventing several diseases such as cardiovascular disease, cancer, and diabetes. Amaranth protein is high in albumin, glutenin, and globulin, whereas the variability in albumin and glutenin content is dependent on the geography and variety of amaranth. In the food industry, amaranth protein is currently used in nutritionally fortified foods, gluten-free foods, and food protein-based films. Due to its excellent nutritional and bifunctional properties, amaranth protein has shown a great potential in functional foods and meat analogues. This review provides an overview of several properties of amaranth protein, including nutrition, bioactivity, structure, as well as its applications in the food industry and prospects. By reviewing the above properties of amaranth protein, it is considered as one of the promising sustainable alternative protein sources for future foods.