The effects of limited enzymatic hydrolysis with pepsin on the functional properties and molecular characteristics of cowpea protein concentrate (CPC) were investigated. Hydrolysates were prepared at degrees of hydrolysis (DH) 5–30%. Sodium dodecyl sulfate–polyacrylamide gel electrophoresis analysis demonstrated that globulin was the major protein component of CPC, and enzymatic breakdown of polypeptides was selective. As a result, significant changes in the functional properties of hydrolysates were noticed as compared to the protein concentrate. Then, cowpea protein hydrolysates (CPHs) showed good water solubility index at pH?7 (>95%) and pH?4.5 (>55%), at DH 20 and 30%, respectively. Oil‐holding capacity, emulsifying activity and foaming capacity were also improved by the enzymatic hydrolysis, while proteolysis was detrimental to foam stability and did not improve emulsion stability at DH 10–30%. Therefore, CPHs showed good potential for utilization in food formulations.