Abstract: Millets have rich nutritional value and potential health benefits, making them a good plant protein source and a research hotspot. Millet protein peptides are extracted from millet protein through protease hydrolysis or microbial fermentation methods and then isolated, purified, and identified to obtain peptide sequences. These peptides exhibit various functional activities that prevent chronic diseases by acting on different molecular targets, such as antioxidant, anti-inflammatory, antibacterial and blood glucose regulation. Therefore, this paper systematically reviews the preparation, separation, purification, and identification methods of millet protein peptides, providing an in-depth analysis of recent research progress on their functional activities. The emphasis is on the correlation between peptide sequences and their functional activities and the potential molecular mechanisms involved. This paper aims to provide a reference for further research on millet protein peptides and promote this field's development.