Lupin meal presents great potential as an alternative plant-based source of proteins for hu- man nutrition. In the present work, different conditions of extraction and purification were evaluated for production of lupin protein isolates. The results showed that the protein extraction yield was comparable at acidic and conventionally used alkaline extraction pH (37% vs. 40–45%, respectively). Proteins extracted were principally composed of globulins. The ionic strength negatively impacted the protein extractability at pH 2, whereas no significant differences were observed between extrac- tions at 20 to 50 ◦C. The selected extraction conditions (pH 2 and 7) combined with purification by isoelectric precipitation or ultrafiltration process generated the isolate-grade products. Interestingly, further characterization revealed a partial denaturation of proteins extracted at pH 2 resulting in loss of protein solubility at pH 6 and 7 (10–50%), modifications in secondary structure, lower thermal stability, and formation of protein aggregates. However, foaming and emulsifying properties were generally similar for almost all lupin isolates. Further investigation might be of interest with regard to the extraction behaviours and structural and functional properties of specific lupin protein fractions.