This review aims to provide a comprehensive overview of the research progress on soy protein (SP) film. SP film has gained significant attention due to its natural, renewable, and biodegradable characteristics. The review begins by introducing the film formation mechanisms and preparation methods of SP film, including solution casting, dry‐film formation, and other techniques, and discusses the associated preparation conditions and processes. Subsequently, the review explores the structural features, plasticization modifications, mechanical properties, antimicrobial modifications, UV shielding properties, and conductivity of SP film. Lastly, the review summarizes the current challenges and development directions in SP film research. This includes improving the mechanical performance and stability of the film, exploring novel functionalization approaches, and enhancing the sustainability of the film. Through this review of SP film, the study aims to enhance the understanding of their potential in materials science and various applications while providing guidance and insights for future research and applications.