Soybean allergy is of great concern and continues to challenge both consumer and food industry. The present study investigates the enzyme‐assisted reduction in major soybean allergens in soy protein isolate using different food‐grade proteases, while maintaining or improving the sensory attributes and technofunctional properties. SDS‐PAGE analyses showed that hydrolysis with Alcalase, Pepsin, and Papain was most effective in the degradation of the major soybean allergens with proteolytic activities of 100%, 100%, and 95.9%, respectively. In the course of hydrolysis, the degree of hydrolysis increased, and Alcalase showed the highest degree of hydrolysis (13%) among the proteases tested. DSC analysis confirmed the degradation of major soybean allergens. The sensory experiments conducted by a panel of 10 panelists considered the overall improved sensory properties as well as the bitterness of the individual hydrolysates. In particular, Flavourzyme and Papain were attractive due to a less pronounced bitter taste and improved sensory profile (smell, taste, mouthfeeling). Technofunctional properties showed a good solubility at pH 7.0 and 4.0, emulsifying capacity up to 760 mL g−1 (Flavourzyme) as well as improved oil‐binding capacities, while the water‐binding properties were generally decreased. Increased foaming activity for all proteases up to 3582% (Pepsin) was observed, whereas lower foaming stability and density were found. The hydrolysates could potentially be used as hypoallergenic ingredients in a variety of food products due to their improved technofunctional properties and a pleasant taste.