Molten globule (MG) state is a unique state of protein structure between natural state and denatured state. Most of the secondary structures in natural state are retained in this state, while the tertiary structure of protein is unfolded. Since the discovery of this unique protein state, the structure and processing properties of the protein of MG state have been extensively studied to explore their further applications. Previous studies have reported that the protein of MG state via different denaturation treatments, such as extreme pH, heat treatment, high-pressure treatment, and exogenous mutagens, showed good processing characteristics. As an intermediate protein, the protein of MG state has good processing properties, such as foaming, emulsifying and so on. This will expand the application of protein in food processing to a certain extent. Finally, this review article aims to evaluate the preparation of the protein of MG state and its features, the structure and processing characteristics of the protein of MG state, as well as application of penetrants for the stability of the protein of MG state, which aims to provide some insights into application of the protein of MG state in the food industry.