Soy protein isolate (SPI) is one such plant derived protein that holds significant potential for fabrication of edible films and packaging materials owing to its smooth, flexible and fair film forming abilities. However, native SPI suffers from several limitations such as poor water resistance, tensile strength, and susceptibility towards microbial attack. Many plants and animal derived compounds have been tried and tested to improve the material properties of these films. Incorporation of polysaccharides, nano polysaccharides, vegetable oils and polyphenolic compounds are explored to attain desirable properties in prepared films. Phenolic compounds are generally targeted to increase the tensile strength and resistance towards microbial attack as they possess rigid planar aromatic ring and hydroxyl groups that make them suitable candidate of choice. Polysaccharides or nanopolysaccharides and vegetable oils are reported to enhance the oxygen, carbon dioxide gas barrier properties of edible films that could delay putrefaction of packaged food items. Moreover, polyphenols and polysaccharide compound also exhibit bacteriostatic and bactericidal effect against S. aureus, L. monocytogenes and E. coli. This review paper summarizes the incorporation of polyphenolics, polysaccharides, nanopolysaccharides and vegetable oils in SPI films followed by their material and antibacterial characterization.