Enzyme-assisted aqueous extraction processing (EAEP) is an environmentally friendly technology where oil and protein can be simultaneously extracted from soybeans by using water and protease. Countercurrent, twostage, EAEP was performed at a 1:6 solids-to-liquid ratio, 50°C, pH 9.0, and 120 rpm for 1 h to extract oil and protein from soybeans. The skim fractions were produced by three methods: (1) by treating with 0.5 % protease (wt/g extruded flakes) in both extraction stages; (2) by treating with 0.5 % protease in the 2nd extraction stage only; and (3) by using the same two-stage extraction procedure without enzymes in either extraction stages. Countercurrent, two-stage, protein extraction of air-desolventized, hexane-defatted, soybean flakes was used as a control. Solubility profiles of the skim proteins were the typical U-shaped curves with the lowest solubility at the isoelectric point of soy protein (pH 4.5). The use of the enzyme slightly improved solubility of the recovered protein with hydrolyzed proteins having higher solubilities at acid pH. Emulsification and foaming properties were generally reduced by the use of enzyme during EAEP extractions. The skims produced with protease-extracted (hydrolyzed) proteins gave gels with lower hardness than did unhydrolyzed proteins when heated at 80°C. The essential amino acid compositions and protein digestibilities were not adversely affected by either extrusion or extraction treatments. Treatment 1: protein extract (skim) from countercurrent, 2-stage EAEP of extruded full-fat soybean flakes using protease in both extraction stages; Treatment 2: protein extract (skim) from countercurrent, 2-stage EAEP of extruded full-fat soybean flakes using protease in the second extraction stage only; Treatment 3: protein extract (skim) from countercurrent, 2-stage, EAEP of extruded full-fat soybean flakes without using protease in either extraction stage; Treatment 4: protein extract from countercurrent, 2-stage, EAEP of air-desolventized, hexane-defatted, soybean flakes without using protease in either extraction stage A,Means (two independent extraction batches analyzed in triplicate) within the same group of analysis (emulsification capacity, emulsification activity, emulsification stability) followed by different superscripts are statistically different at P \ 0.05 J Am Oil Chem Soc (2014) 91:1077-1085 1081 Treatment 1: protein extract (skim) from countercurrent, 2-stage EAEP of extruded full-fat soybean flakes using protease in both extraction stages; Treatment 2: protein extract (skim) from countercurrent, 2-stage EAEP of extruded full-fat soybean flakes using protease in the second extraction stage only; Treatment 3: protein extract (skim) from countercurrent, 2-stage, EAEP of extruded full-fat soybean flakes without using protease in either extraction stage; Treatment 4: protein extract from countercurrent, 2-stage, EAEP of air-desolventized, hexane-defatted, soybean flakes without using protease in either extraction stage J Am Oil Chem Soc (2014) 91: