Soybeans are one of the most important crops in terms of volume and applications of the products obtained from them. Grown for oil and protein production, soybeans are feedstock for food, feed, fuel, and biobased products. Today, soybean oil can be found in most food products, as a result of its availability and positive nutritional and functional properties. The extensive scientific research and development conducted by both industry and academia on soybean oil is a main contributor to its important positioning among oils. This article provides a comprehensive review of this work, including information on the composition of soybeans, soybean oil, and other soybean lipids, especially as affected by environment, variety, and genetic modification; the physical properties of soybean oil, grading of soybeans, oil extraction, and the effect of various extraction techniques on oil quality and the various soy protein ingredients; basic refining and processing of soybean oil and soybean refinery co‐products; the major uses of soybean oil; trading rules for soybean oil; and the oxidative quality of soybean oil along with its health aspects.