An oat protein concentrate (OC1) was isolated from oat flour through starch enzymatic hydrolysis, by subsequent defatting by ethanol and supercritical fluid extraction (SFE) reaching protein concentrations of 78% and 77% by weight in dry matter, respectively. The protein characterisation and functional properties of the defatted oat protein concentrates were evaluated, compared and discussed. The solubility of defatted oat protein was minor in all ranges of measured pH (3–9), and foamability reached up to 27%. Further, an oat protein concentrate defatted by ethanol (ODE1) was extruded by a single screw extruder. The obtained extrudate was evaluated by scanning electron microscope (SEM), texture and colour analysers. The extrudate’s surface was well formed, smooth, and lacking a tendency to form a fibrillar structure. Textural analysis revealed a non-unform structure (fracturability 8.8–20.9 kg, hardness 26.3–44.1 kg) of the oat protein extrudate.