Soybeans provide a low-cost protein source with good nutrition and physicochemical properties. In the processing of soybeans, soybean protein and peptides are very important products. Due to its non-negligible use value in the prevention and alleviation of certain diseases, it has attracted the attention of domestic and oversea researchers and consumers. As an important source of high-quality protein, it has broad development prospects in the food industry and other fields. This article introduced the production process and physiological activity of soybean protein and peptides, and discussed the edible safety and processing characteristics of soybean protein. The differences between the traditional technology and new technology of soybean protein isolate and soybean peptides were compared respectively, and the advantages of the new technology were proposed, which provided a new idea for the production and processing of soybean protein and peptides. The biological activities of soybean protein and peptides were mainly introduced, including diverse biological activities such as reducing cholesterol, regulating immunity, improving osteoporosis and regulating the balance of intestinal microflora, and summarized the novel bioactivity direction of the current research. Meanwhile, it also introduced the good gelation, emulsification and organization of soybean protein processing characteristics, especially the domestic problems and future research directions of textured soybean protein (artificial meat).