Increased incomes, urbanization, and an aging population, are leading to changes in consumption patterns, resulting in a growing demand for proteins. From a sustainability perspective, there is a consensus that animal protein production has a disproportionately impact on the environment, particularly in intensive systems that require significant amounts of feed crops. Macroalgae have emerged as a promising feedstock for transitioning towards a blue bioeconomy. Red seaweed stands out as a particularly attractive action, as it can contain protein concentrations of up to 47 %, the highest among terrestrial plants and other algae divisions. These proteins offer a rich source of essential amino acids, making them excellent candidates for human food formulation. Nevertheless, compared to other major components such as carbohydrates, red macroalgae proteins remain underexploited. This review focuses on the potential of red algae as a protein source within an environmentally friendly biorefinery development strategy, primarily for food and biomedical applications. It also explores the strategies and limitations associated with protein extraction and purification, emphasizing the need for further in vivo and toxicological studies, particularly regarding the digestibility and bioavailability of red algal proteins. Display omitted •Red macroalgae exploitation could positively impact on blue-bioeconomy transition.•Proteins from red macroalgae remain underexploited.•Red macroalgae represent the highest protein content among other algae divisions.•Phycobiliproteins, lectins and RuBisCO applications have been critically discussed.•Strategies and limitations of protein extraction and purification are described.