Protein engineering is the modification of proteins using recombinant DNA technology or chemical treatment to achieve a desired function. It involves disciplines like molecular biology, protein chemistry, and structural biology. The objectives are to create superior enzymes for industrial use, produce biological compounds in large quantities, and develop more potent pharmaceuticals. Key methods are genetic modification techniques like mutagenesis and gene cloning to alter stability and activity, as well as chemical modifications like PEGylation to increase enzyme half-life. Significant progress has been made in engineering proteins like insulin, interferon, and antibodies for improved properties.