With a growing focus on health and environmental awareness, there is a notable shift towards plant-based dietary choices, increasing the market availability of plant-based meat alternatives. This transition has also led to a proliferation of protein sources and innovative processing methods. This review aims to offer a holistic view of the innovations, opportunities, and challenges in the plant-based meat industry. It summarizes the latest developments in protein sources and processing technologies of plant-based meat products, and their market performance compared to animal-based meats. The review also reveals the recent development in the integration of novel proteins and processing techniques that have significantly improved sensory attributes and physiochemical characteristics of plant-based meat alternatives. In addition to exploring ingredients and technology, this review also addresses critical aspects such as risks, regulatory considerations, and future research directions. These insights underscore the necessity for ongoing innovation to enhance product quality and facilitate the seamless integration of plant-based meats into the global food market.