Disclosed is an aqueous process for the preparation of a protein isolate and a hydrolyzed protein concentrate from an oilseed meal, comprising: 1) mixing an oilseed meal with an aqueous solvent to form a slurry 1a) optionally treating the slurry with phytase 2) separating the slurry with a solid/liquid separation to form a liquid phase comprising the aqueous solvent, soluble protein and oil and a solid phase comprising insoluble protein 3) separating the liquid phase to form an oil phase and an aqueous protein phase 4) subjecting the aqueous protein phase to membrane filtration to obtain a protein solution and drying the protein solution to obtain the protein isolate, subjecting the insoluble protein to enzymatic hydrolysis, and 5) subjecting the hydrolyzed protein to membrane filtration to obtain an amino acid and peptide solution and drying the amino acid and peptide solution to obtain the hydrolyzed protein concentrate.
