Soybean is well known for its high-value oil and protein. Carbohydrate is, however, an underutilized major component, representing almost 26-30% (w/w) of the dried bean. The complex soybean carbohydrate is not easily hydrolyzable and can cause indigestibility when included in food and feed. Enzymes can be used to hydrolyze the carbohydrate for improving soybean processing and value of soybean products. Here the enzyme based processing developed for the following purposes is reviewed: hydrolysis of different carbohydrate-rich by/products from soybean processing, improvement of soybean oil extraction, and increase of nutritional value of soybean-based food and animal feed. Once hydrolyzed into fermentable sugars, soybean carbohydrate can find more value-added applications and further improve the overall economics of soybean processing.