Abstract: A recovered soybean protein extract is disclosed containing at least 55 percent of soybean protein, on a dry solids basis, and from 2 to 32 percent of natural soybean oil, based on the weight of the protein. The remainder of the extract includes water, carbohydrates, minerals and proteinate salts. A method for recovering the soybean protein extract, whereby the oil and the protein are jointly separated from the soybean, is also disclosed. The method involves grinding cleaned and dehulled soybeans, slurrying the ground product in peroxide and water, and recovering a protein extract from the slurry by centrifugal processing. An isolate, protein content at least 85 percent, is obtained by adjusting the slurry pH to at least about 8 to solubilize the protein, removing the insolubles and free oil, and then precipitating the protein solids by lowering the pH to about 4.5; the precipitated protein is then recovered from the slurry.