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Summary: Peanuts produce millions of tons of high‐protein peanut meal (after oil extraction) annually that can be used for food. Peanut protein, as a plant‐based protein, is a great alternative to animal protein to address protein deficiencies and rising health problems in the world. It has a high nutritional value, while the globular structure results in poor functional properties, limiting its application. Better functional properties can be obtained through processing and modification. This paper elaborates the nutritional and functional properties of peanut protein and highlights the application of peanut protein in food industry in recent years. Applications for peanut protein include meat and milk substitutes, edible films, nanoparticles, and some new technologies such as electrostatic spinning and three‐dimensional (3D) printing in recent years. This paper could improve people's understanding of the molecular structure of peanut protein and the physicochemical properties associated with the structure changes during processing. It could also contribute to better utilisation of peanut protein, providing more varieties of peanut protein products for the food industry. [ABSTRACT FROM AUTHOR]