Whole wattle (Acacia victoriae Bentham) seed was extracted with water before or after a soaking/heat treatment regime designed to destroy its protease inhibitors. The yield, composition and physical properties of these extracts were measured and they were then subjected to an analysis of their functional properties which included emulsion and foam formation and stabilisation, solubility at different pH values and gelling ability. Processing of soaked wattle seed at 100°C for 30 seconds led to a much reduced extract yield and viscosity at both pH 4 and 7, decreased its water-soluble carbohydrate content but increased its protein content, and solubility under alkaline conditions. Processing of wattle seed before extraction also led to increased emulsion droplet size and reduced emulsion stability, the differences being more pronounced in emulsions formed with 20% oil compared to 50% oil-in-water emulsions. Comparatively, the emulsions formed using extract from non-processed wattle seed were very stable at both 20% and 50 % oil levels, especially at pH 7 where the enhanced viscosity of the extract predominated. All extracts had very low foaming capacity, and gelation did not occur in any of the samples even at 10% (w/v) extract concentration.