The development of plant protein-based delivery systems to protect and control lipophilic bioactive compound delivery (such as vitamins, polyphenols, carotenoids, polyunsaturated fatty acids) has increased interest in food, nutraceutical, and pharmaceutical fields. The quite significant ascension of plant proteins from legumes, oil/edible seeds, nuts, tuber, and cereals is motivated by their eco-friendly, sustainable, and healthy profile compared with other sources. However, many challenges need to be overcome before their widespread use as raw material for carriers. Thus, modification approaches have been used to improve their techno-functionality and address their limitations, aiming to produce a new generation of plant-based carriers (hydrogels, emulsions, self-assembled structures, films). This paper addresses the advantages and challenges of using plant proteins and the effects of modification methods on their nutritional quality, bioactivity, and techno-functionalities. Furthermore, we review the recent progress in designing plant protein-based delivery systems, their main applications as carriers for lipophilic bioactive compounds, and the contribution of protein-bioactive compound interactions to the dynamics and structure of delivery systems. Expressive advances have been made in the plant protein area; however, new extraction/purification technologies and protein sources need to be found Their functional properties must also be deeply studied for the rational development of effective delivery platforms.