With changing dietary habits and increasing awareness of the nutraceutical role of dietary foods, the demand for natural plant proteins and interest in non-traditional protein sources in the food industry are increasing. Industrial hemp, belonging to the plant family Cannabaceae, is cultivated for its fibre and edible seeds. Due to its nutritional value, it has also been used in the food industry and medicine. In particular, hemp seed proteins have drawn considerable attention in both scientific and industrial fields because of their excellent nutraceutical values, superior digestibility, low allergenicity and diverse techno-functional properties. In this review, we provide a summary of the current research progress on the extraction and purification processes, physiochemical properties, nutraceutical functions, and applications of hemp seed proteins. Perspectives in the application of advanced technologies for hemp seed bioactive peptide mining are also discussed. This review provides up-to-date insights into the nutraceutical values, health benefits, and future applications of this emerging plant source protein.