Soybean is considered as functional food due to various bioactive components present in it. In the present study, antioxidants, nutrient composition and functional properties of okara (soybean milk residue) were compared to soybean. The study revealed that okara possessed good antioxidant activity, i.e., total phenolic content (122.57 mg gallic acid/100 g) and DPPH free radical scavenging activity (41.46 %). It also contained considerable concentrations of protein (24.79 g/100 g) and fat (10.52 g/100 g), although less than those of soybean. The total dietary fibre content of okara (58.21 g/100 g) was more than double the dietary fibre of soybean (24.75 g/100 g). Insoluble dietary fibre (46.64 g/100 g) was the major fraction in okara and remaining was the soluble dietary fibre. Okara had significantly lower phytic acid content (843.33 mg phytic acid per 100 g) and higher in vitro protein digestibility (68.26%) than soybean. Among minerals, total calcium (346.93 mg/100 g) and phosphorus (480.17 mg/100 g) were significantly higher in okara, while, potassium, iron and zinc contents were also in remarkable amounts. The availability of minerals was maximum in okara. In addition, okara had significantly higher water absorption (9.47 ml/g) and swelling (9.33 ml/g) capacity, whereas, lower oil absorption capacity (0.26 ml/g) and bulk density (0.21 g/ml) as compared to soybean. Thus, okara is a valuable by-product and can be considered as a potential source of value addition for food industry due to its promising antioxidants, nutritional and functional properties.