A large number of soybean components have diverse biological activities. These include hormonal, immunological, bacteriological and digestive effects. The presently known allergens are listed. The divergence between chemical evaluation and biological value is highlighted. The following components are discussed: Kunitz inhibitor, Bowman-Birk inhibitor, saponins, soyacystatin, phytoestrogens (daidzein, glycitein, genistein), Maillard products, soybean hydrophobic protein, soy allergens, lecithin allergens, raffinose, stachyose, 2-pentyl pyridine. The studies describing the effects of the isolated components are reviewed.