In recent years, plant proteins have become highly sought-after ingredients in health foods due to their wide range of sources, high nutritional value, low cost, and minimal environmental pollution. Bamboo shoot protein is abundant in resources and features a well-balanced amino acid composition. It possesses good solubility, oil-holding capacity, foaming ability, antioxidant activity, and anti-tumor activity, playing a significant role in the prevention and treatment of cardiovascular diseases, cancer, and other illnesses. However, under the conventional processing model from harvesting to final product, a large quantity of inedible by-products is discarded, and the complex high-fiber structure of bamboo shoots severely hinders protein extraction. This article reviews the research progress on the extraction methods, physiological activities, and applications of bamboo shoot protein, with a focus on summarizing the advantages and disadvantages of existing extraction techniques, and points out the future research challenges in this field.