Protein–polyphenol interaction is a promising approach for enhancing the antioxidant activities of proteins. This review discusses the binding mechanism of proteins and polyphenols, including covalent bonding and noncovalent interactions such as van der Waals, hydrogen bonding, hydrophobic and electrostatic interactions. In addition, the review provides an overview of the effect of protein–polyphenol interactions on the structure and antioxidant activities of proteins as well as influencing factors, including polyphenol type and amount, pH, and fabrication method. Finally, future research direction is identified for further development of protein–polyphenol complexes/conjugates as food-based antioxidants.