The present book chapter deals with recent advances in food protein biotechnology. The latest research on food protein-derived bioactive peptides and the impact of enzymatic hydrolysis on the organoleptic properties of proteins is reviewed. Protein modifications, which have become the focus of many research studies during recent years, are also covered. Consideration is given to three different protein modification approaches (i) chemical modifications (glycation and disulfide crosslinking); (ii) physical modifications (high-pressure processing and ultrasound treatment); (iii) enzymatic modifications (transglutaminase cross-linking and proteolysis). Since the main purpose of protein modification is to enhance their functional properties, the effects of the chemical, physical, and enzymatic treatments on the solubility, emulsification, foamability, and rheological properties of food proteins are also discussed.