Plant proteins have high nutritional value, a wide range of sources and low cost. However, it is easily affected by the environmental factors of processing and lead the problem of poor functionality. These problems of plant proteins can be improved by the polysaccharides induced Maillard reaction. The interaction between proteins and polysaccharides through Maillard reaction can change the structure of proteins as well as improve the functional properties and biological activity. The products of Maillard reaction, such as reductone intermediates, heterocyclic compounds and melanoidins have certain antioxidant, antibacterial and other biological activities. However, heterocyclic amines, acrylamide, and products generated in the advanced stage of the Maillard reaction also have a negative impact, which may increase cytotoxicity and be associated with chronic diseases. Therefore, it is necessary to effectively control the process of Maillard reaction. This review focuses on the modification of plant proteins by polysaccharide-induced Maillard reaction and the effects of Maillard reaction on protein structure, functional properties and biological activity. It also points out how to accurately reflect the changes of protein structure in Maillard reaction. In addition, it also points out the application ways of plant protein-polysaccharide complexes in the food industry, for example, emulsifiers, delivery carriers of functional substances, and natural antioxidants due to their improved solubility, emulsifying, gelling and antioxidant properties. This review provides theoretical support for controlling Maillard reaction based on protein structure.