The objective was to produce fermentable sugars with low levels of fermentation inhibitors and a high-protein meal, with acceptable color, by treating defatted soybean meal with dilute sulphuric acid at temperatures between 105 and 135 o C and durations up to 45 min. The conditions that maximized the amount of protein were 120 °C, 0.5% H2SO4, and 45 min, which increased protein from 48.1% to 58.6% d.b. The highest amount of fermentable sugars (32.2% d.b.), without regard for the protein content, was for the treatment at 135 °C, 2% H2SO4, and 45 min; such treatment generated relatively low 5-HMF and furfural levels (0.0018 g/L and 0.32 g/L, respectively), and 0.87 g/L, of acetic acid. The treatment at 120 °C, 1.5% H2SO4, and 30 min had the best balance between a high concentration of fermentable sugars (21.3% d.b.) in the liquid fraction and crude protein (52.1% d.b.) in the solid fraction without a significant change in the original color of the solid fraction.