Abstract:Facing the protein supply-demand contradiction brought about by global population growth and the resource and environmental constraints of traditional agricultural production models, developing efficient and sustainable new protein sources has become a major strategic direction for practicing the all-encompassing approach to food, ensuring national food security, and meeting the people’s needs for a better life. Microbial proteins, as a new type of biomanufacturing products (microbial protein or specific functional proteins) produced by microbial cell factories, have attracted much attention due to the high production efficiency and strong adaptability to raw materials. This article systematically reviews the latest research progress and industrialization status of microbial protein and functional protein in the food and pharmaceutical fields, analyzes the key technologies from strain creation, process scale-up to product application development, as well as the multiple challenges of cost structure, market regulation, and consumer acceptance faced in the industrialization process. Finally, this article makes an outlook on the prospects of microbial protein in high-value fields such as feed replacement, food innovation, pharmaceuticals, and cosmetics. It aims to provide a systematic reference for technological innovation, industrial layout, and policy formulation in China’s microbial protein industry and to assist in the high-quality development of the industry.