The research study was conducted to evaluate the effect of soy flour on functional, nutritional, and sensory properties of mushroom–moringa‐supplemented soup which could be used as a protein‐supplemented ready‐to‐eat food. In this study, corn flour was supplemented with soy flour at different levels such as 20% (T4), 15% (T3), 10% (T2), and 5% (T1), and without soy flour was kept as control (T0). Fixed amount of mushroom and moringa leaf powder was added in all soup powders. Soup powders were analyzed for functional, nutritional, and sensory parameters. Bulk density (0.82–0.74 g/ml), dispersibility (82.1%–75.9%), pH (6.17–6.13), swelling capacity (3.98–3.65 ml/g), and viscosity were decreased, while water absorption capacity (70%–94%) was increased with increasing of soy flour percentages. Protein content of all the treatment groups increased from 10.66% to 19.97% along with a significant increased in fat (1.43%–6.97%), fiber (1.10%–2.30%), ash (15.77%–16.40%), and energy value (328.38–353.21 kcal/100 g) while decreased in moisture and carbohydrate content. On sensory evaluation, soup powders with 10% (T2) level of soy flour incorporation had highest scores for all the sensory attributes evaluated. Based on these results, it can be concluded that soy flour has effect on functional, nutritional, and sensory properties of soup powders and 10% supplementation of soy flour is suitable for ready‐to‐eat soup formulation. Besides these, use of mushroom and moringa leaf may also increase its nutritional value. Soup developed in this way may be sufficient to meet day‐to‐day nutritional requirements as a supplement.