The invention relates to a method for producing dephenolized cottonseed protein. The method comprises the following steps: 1, putting cottonseed kernels into a cottonseed kernel sieve, and sieving thecottonseed kernels to obtain large kernels and fine powder; 2, softening and pressing the large kernels screened in the step 1 into blanks, extruding and puffing the fine powder, and carrying out moisture regulation by using a flat-plate drying machine; 3, conveying the material modulated by the flat-plate drying machine in the step 2 to a degreasing extractor, and carrying out countercurrent extraction; 4, conveying the material treated in the step 3 into a dephenolization extractor, and carrying out countercurrent extraction by using alkaline methanol; 5, spraying acidic methanol to the material treated by the dephenolization extractor in the step 4; 6, detecting the pH value of the material treated in the step 5, and conveying the material to a horizontal spiral discharge centrifuge for centrifugal treatment when the material is neutral; and 7, putting a material separated by centrifugal treatment in the step 6 into an evapo-separated machine for low-temperature drying to obtain the dephenolized cottonseed protein. The method provided by the invention has the effects of low energy consumption, less protein denaturation and simultaneous removal of gossypol and aflatoxin.