Five commercial enzyme mixtures were evaluated for simultaneous oil and protein extraction from Moringa seed through enzyme-assisted aqueous extraction (EAE). Protex 7L was found to be the best enzyme for highest oil (69.4%) extraction and protein (75.4%) recovery in the aqueous phase. The quality parameters of enzyme-assisted aqueous extracted oil (EAEO), aqueous extracted oil (AEO), and hexane extracted oil (HEO) were compared. Among oils produced by these methods, fatty acids (FAs) profiles, density, refractive index, iodine value, saponification value, and unsaponifiable matter were found to be analogous, whereas significantly ( p < 0.05) lower color and free FA contents in the EAEO and AEO than that of HEO were observed. The specific extinctions at 232 and 270 nm, p-anisidine, and peroxide values of the EAEO and AEO were improved in comparison to HEO. An increase in tocopherol content and antioxidant activity measured by total phenolic content, DPPH radical scavenging capacity, and inhibition of linoleic acid oxidation in the EEO was observed as compared to the AEO and HEO. In general, the quality of the EAEO was improved and a significant amount of protein was simultaneously extracted which can be employed in food/feed applications.