Elaeagnus mollis oil (EMO) meal, a by-product of oil production with plentiful protein, is considered a cheap and good quality source of plant protein for use in the food industry. In this study, the influence of limited enzymatic hydrolysis of EMO meal protein on the structure, solubility, foaming and emulsifying capacities was investigated in detail. The hydrolysates with different DH values (5, 10, 15, and 17) were obtained by controlling the time of enzymatic hydrolysis with alcalase. The results showed that enzymatic hydrolysis decreased molecular weight and increased flexibility and surface hydrophobicity. At the given range of pH and concentration of NaCl, the solubility, foaming and emulsifying capacities of hydrolysates were significantly improved, especially in the area of isoelectric point, and increased with the increase of DH. It was also found that the hydrolysate with DH10 had better foaming and emulsifying stability. In general, appropriate enzymatic hydrolysis could improve the functional properties in favor of their potential use as food ingredients.