Soybean is the main leguminous crop in Brazil, mostly grown in tropical soils with low potassium (K) availability. Therefore, the identification of new genotypes with efficient K uptake and utilization in environments with low exchangeable K content is an economically viable alternative to maximize crop yield in Brazil. A study was conducted to investigate the response of 25 modern high-yield soybean genotypes for K-use efficiency in a sandy tropical soil of the Brazilian Cerrado. Treatments were distributed in a completely randomized design in a 2 × 25 factorial scheme: two levels of K fertilization [20 mg K dm−3 (low level) or 200 mg K dm−3 (high level)] and 25 soybean genotypes with three replicates. Plant morphological traits, leaf K, and crop production components were measured. Based on grain production data, K-use efficiency (KUE) and response efficiency (RE) to K fertilization were calculated. Leaf area, shoot dry matter, pod number per plant, 1000-grain weight, and grain yield were the crop characteristics most limited by low soil K availability. The soybean genotypes “TMG7061 IPRO”, “BMX Bônus IPRO”, “RK6719 IPRO”, and “RK8317 IPRO” were classified as efficient in the use of soil K and are the most suitable genotypes to be cultivated in agricultural soils with low K availability. The genotypes “98R35 IPRO”, “HO Maracaí IPRO”, “BMX Bônus IPRO”, and “RK7518 IPRO” were classified as responsive to K fertilization and are the most recommended genotypes for cultivation in agricultural areas with the application of high K fertilizer rates. The genotype “BMX Bônus IPRO” simultaneously combines characteristics of K-use efficiency and response to K fertilization and hence can be grown in both K-deficient and optimal soils.