Soybean polysaccharide (SPS) is a class of soluble polysaccharides derived from soybean cotyledon, soybean meal or okara, and has broadly been used in food industry. In recent decades, due to its attractive physicochemical properties, SPS has been developed into versatile emulsifiers or stabilizers for beverage. Additionally, studies have emerged to reveal its potential in biomaterial and biological activities. In this review, we critically appraise the latest literature on the extraction and structural features of SPS, and perspective for the biological applications of SPS. We focus on the current strategies for extraction of this unique polysaccharide, specific structure features, and functional utilization of SPS. Notably, SPS-based food additives are demonstrated to increase the value of biological applications, such as anticancer and immunoregulation, enabling us directly use it in the area of biomedicine. Lastly, we suggest some potential directions for the development of SPS for extensive utilization in biomedicine.