A process for purifying and collecting albumin from plasma and plasma fractions involves diafiltration of an albumin-containing plasma fraction; stabilizing the resulting albumin fraction with sodium chloride and an amino acid in the absence of any added fatty acid; pasteurizing the stabilized albumin fraction; and diafiltering the pasteurized fraction to remove, along other things, stabilizers. In one embodiment, the amino acid stabilizing agent is acetyl tryptophan. The resulting albumin has at least about 80% albumin binding capacity relative to natural plasma albumin, and is storage stable for about 30 months at 30.degree. C.