Soybean oil (SO), a lucrative and widely utilized vegetable oil, is used not only in the pharmaceutical industry but also to produce green diesel and several biomedical applications. SO is rich in healthy fats, including linoleic acid (54%), oleic acid (23%), palmitic acid (11%), linolenic acids (8%), and stearic acid (4%). Its high unsaturated fatty acid content makes it ideal for medicinal purposes. In topical application, SO provides anti-inflammatory and soothing benefits. The presence of SO in lipid-based medication improves the therapeutic efficacy and bioavailability of poorly water-soluble drugs. Its emulsifying properties support the development of Self-Emulsifying Drug Delivery Systems (SEDDS) and Self-Micro Emulsifying Drug Delivery Systems (SMEDDS), helping the oral administration of hydrophobic drugs. Additionally, soybean oil is included in total parenteral nutrition (TPN) solutions to provide essential fatty acids to patients unable to swallow. SO, biocompatibility, stability, and low toxicity make it a brilliant base for transcutaneous and topical delivery systems, enlightening the absorption of active medicinal ingredients. In gist, unique properties and a wide variety of applications make SO a star material in pharmaceuticals to enhance solubility, bioavailability, and the development of safe and effective drugs.