Soy meal from vegetable oil processing was treated with subcritical water at different temperatures (100, 125, 150, 175, 200, 225 and 250 • C) for 5 min in a batch-type reactor. Maximum protein and carbohydrate contents in the liquid extracts were obtained at 225 • C (0.52 ± 0.03 g/g of sample) and 175 • C (0.24 ± 0.03 g/g of sample), respectively. The extracts from all treated temperatures similarly formed and stabilized oil-in-water type emulsion. However, the extracts at different temperatures showed different foaming capacities during 3 h of storage. Because of a short extraction time of the process, subcritical water treatment is a promising technology for producing functional substances from this industrial by-product.