Pea (Pisum sativum) is an important source of nutritional components and is rich in protein, starch, and fiber. Pea protein is considered a high-quality protein and a functional ingredient in the global industry due to its low allergenicity, high protein content, availability, affordability, and deriving from a sustainable crop. Moreover, pea protein has excellent functional properties such as solubility, water, and oil holding capacity, emulsion ability, gelation, and viscosity. Therefore, these functional properties make pea protein a promising ingredient in the food industry. Furthermore, several extraction techniques are used to obtain pea protein isolate and concentrate, including dry fractionation, wet fractionation, salt extraction, and mild fractionation methods. Dry fractionation is chemical-free, has no loss of native functionality, no water use, and is cost-effective, but the protein purity is comparatively low compared to wet extraction. Pea protein can be used as a food emulsifier, encapsulating material, a biodegradable natural polymer, and also in cereals, bakery, dairy, and meat products. Therefore, in this review, we detail the key properties related to extraction techniques, chemistry, and structure, functional properties, and modification techniques, along with their suitable application and health attributes.