Abstract: Discarding soybean product wastewater in its original form posed adverse effects on the environment and the company, therefore, an economical and feasible method is required to treat soybean product wastewater. Significantly, the treatment should achieve the goals, such as low chemical/biochemical oxygen consumption, fewer suspended solids of wastewater, as well as full utilization of the useful components. Soybean product wastewater has the characteristics of low toxicity, rich nutrients, and large emissions, therefore, it can be developed as an ideal culture medium after pretreatment, and serve as the raw material for the next production stage of microorganisms to the greatest extent. In addition, this method has significant advantages in reducing cultivation costs and improving the utilization rate of wastewater. This review discussed the methods of microbial fermentation to treat soybean product wastewater from two aspects:one is the extraction of useful substances from soybean product wastewater, such as vitamin B, edible fungi, single-cell protein, and biodiesel; another one is the raw materials to prepare beverages, soy sauce and other fermented liquids. There are few domestic papers about fermented vitamins from soybean product wastewater except for vitamin B 2 and B 12. Meanwhile, the cultivation of edible fungi with soybean product waste water can produce a large number of edible fungus mycelia in a short period of time, and many secondary metabolites can also be extracted; the use of photosynthetic bacteria to treat wastewater can not only achieve a high chemical oxygen demand removal rate, but also recover single-cell protein. Soybean product wastewater is rich in carbon and nitrogen sources, and has good biodegradability, so it is suitable as a raw material for biodiesel; soybean product wastewater can make a delicious soy whey protein drink; the physalis extracted from soybean product wastewater is added to the tofu production process to prepare physalis tofu, and the wastewater can be recycled and reused; the new type of soy sauce is also one example of the utilization of soybean product wastewater, which can not only utilize the protein, but also reduce environmental pollution. This review focuses on the research progress and future prospects of soybean product wastewater treatment from the perspective of microbial fermentation, provides a beneficial direction for the resource utilization of soybean product wastewater and has a certain practical significance.