A novel canola protein isolate consists predominantly of 2S canola protein and has improved solubility properties. Heat-treating aqueous supernatant from canola protein micelle creates the canola protein isolate. The precipitation process sediments and removes any 7S protein. Alternatively, the novel canola protein isolate may be derived through a selective membrane procedure in which an aqueous canola protein solution containing 12S, 7S and 2S canola proteins is subjected to the membrane technique to retain the 12S and 7S canola proteins.