Abstract: A well tasting and organoleptically acceptable vegetable protein hydrolyzate such as soy, pea or rice protein hydrolyzate is produced in high yield by a method using a combination of non-pH-stat hydrolysis and ultrafiltration. Preferably, the method is carried out by mixing a material containing at least 65% vegetable protein as dry matter and water to form a slurry containing a vegetable protein content of about 7-20%, heating the slurry to above 60.degree. C., adjusting the pH of the slurry to about 8.5, hydrolyzing the slurry with at least two different proteases to a degree of hydrolysis of between 15 and 35% without adjusting the pH during hydrolysis to produce a hydrolyzed slurry, inactivating the proteases and separating the hydrolyzed slurry with an ultrafiltration unit having a cut-off value above 5,000 to form a permeate containing the vegetable protein hydrolyzate. One protease may be obtained from B. Licheniformis and the other from B. Subtilis.