Abstract: A process is described for producing a water-soluble soybeam extract comprising the steps of hydrating soybeans, crushing the hydrated soybeams at an elevated temperature to form a soybean and water slurry and thereafter thermally treating the slurry. The slurry is then separated into a liquid extract containing portion and a solid portion. If desired, a solid soybean extract powder is recovered by removal of water form the liquid extract containing portion. Also disclosed is a liquid or soluble soybean extract produced by this process which contains a relatively high percentage of protein and a taste similar to cooked cereal.