The increased demand for protein sources combined with a decrease in the available land and water resources have led to a growing interest in macroalgae as alternative protein sources. This review focuses on strategies for macroalgae protein extraction, enrichment and characterization. To date, the protein extraction methods applied to algae include enzymatic hydrolysis, physical processes and chemical extraction. Novel methods, such as pulsed electric field, microwave-assisted, pressurized liquid and supercritical fluid extractions, and the application of smart solvents are discussed. An overview of the use of membranes and other processes to generate high-value protein concentrates from algae extracts is also presented, as well as some examples of the methods used for their characterization. The potential bioactivities from macroalgae-derived proteins and peptides, including novel glycoproteins and lectins, are briefly reviewed.