The measurements of the proton electromagnetic form factors in the time-like region using the initial state radiation technique are reviewed. Recent experimental studies have shown that initial state radiation processes at high luminosity electron-positron colliders can be effectively used to probe the electromagnetic structure of hadrons. The BABAR experiment at the B-factory PEP-II in Stanford and the BESIII experiment at the $\tau$-charm factory BEPC-II in Beijing have measured the time-like form factors of the proton using the initial state radiation process $e^{+}e^{-}\to pbar{p}\gamma$. The two kinematical regions where the photon is emitted from the initial state at small and large polar angles have been investigated. In the first case the photon is in the region not covered by the detector acceptance and is not detected. The Born cross section and the proton effective form factor have been measured over a wide and continuous range of the the momentum transfer squared $q^2$ from threshold up to ~42 (GeV/c)$^2$. The ratio of electric and magnetic form factors of the proton has been also determined. In this report, the theoretical aspect and the experimental studies of the initial state radiation process $e^{+}e^{-}\to p\bar{p}\gamma$ are described. The measurements of the Born cross section and the proton form factors obtained in these analyses near the threshold region and in the relatively large $q^2$ region are examined. The experimental results are compared to the predictions from theory and models. Their impact on our understanding of the nucleon structure is discussed.