Abstract: Soybean (Glycine max (L.) Merr.), as an important dual-purpose crop for both food and feed in China, not only serves as a major source of high-quality plant protein but also contains rich functional components, particularly estrogen-like isoflavones. This paper provides a systematic review of recent advances in the structure, properties, physiological functions, extraction and analysis methods, as well as glycoside conversion techniques of soybean isoflavones. The article compares various extraction methods and concludes that extraction using organic solvents is the most commonly used method, whilst ultrasonic and microwave methods are more efficient; supercritical extraction is suitable for the enrichment of highly active compounds. Regarding analytical methods, liquid chromatography has become the main technique for analyzing isoflavone monomers. Additionally, this paper systematically summarizes the application of acid hydrolysis, alkaline hydrolysis, and enzymatic hydrolysis in glycoside conversion. Among these methods, enzymatic hydrolysis shows promising prospects due to its mild conditions and stable product quality. Finally, the paper points out the current research challenges, including unclear physiological mechanisms of monomers and insufficient green, efficient extraction and conversion technologies. It proposes future directions for in-depth studies on physiological mechanisms, development of green preparation processes, and functional products rich in high-activity aglycones, thereby providing a theoretical basis for advancing the high-value utilization of soybean resources.