Concerning the increasing global demand for food and accumulation of huge amounts of biomass waste from the agro-food industry whose manipulation is usually inadequate, the potential of livestock to convert by-products as alternative feed ingredients into valuable proteins has been proposed as an outstanding option. Soybean molasses present a by-product of soybean protein concentrate production with low commercial cost but high nutritive and functional value. It is a rich source of soluble carbohydrates in the form of sugars and soybean phytochemicals. Therefore, this paper provides a review of published works about the production of soybean molasses, chemical composition, and nutritive value. In addition, the possibility of the application of soybean molasses in animal nutrition as a pelleting aid and functional feed ingredient is also discussed. Special attention is devoted to the influence of the inclusion of soybean molasses in the diets for ruminants, non-ruminants, and aquaculture on animal performance and health.