Abstract: Zein, the major storage protein in maize endosperm, has attracted considerable attention in the food field because of its strong hydrophobicity, excellent film-forming ability, and unique self-assembly behavior. Owing to these properties, it has shown broad application potential in food packaging and the delivery of bioactive compounds. Focusing on the high-value utilization of corn gluten meal (CGM), this review summarizes the physicochemical properties and structural characteristics of zein and further discusses recent advances in its extraction, fractionation, and modification. Particular attention is given to key processing strategies, including ethanol-based extraction, ultrasound- and microwave-assisted extraction, supercritical carbon dioxide extraction, and enzymatic modification. The trade-offs among extraction yield, product purity, and energy consumption associated with different extraction approaches are also compared. In addition, the application of isopropanol/ethanol gradient fractionation for the selective enrichment of zein subfractions is reviewed. Based on the favorable film-forming property and biocompatibility of zein, its applications in food preservation coatings, active and intelligent packaging, bioactive compound delivery, and gluten-free product development are further outlined. This review is expected to provide both theoretical support and technical guidance for the green processing and large-scale utilization of zein in the food industry.