Okara, as a by-product of soybean processing, is rich in insoluble dietary fiber (IDF), which is a carbohydrate polymer with various insoluble polysaccharides. Nowadays, the extraction of IDF with excellent functional properties has become a research hotspot. In this work, we further proposed an alternating alkali/ultrasound method for the efficient extraction of IDF. The sequential treatments of alkali (A-ISF), alkali-ultrasonic (AU-ISF), ultrasonic-alkali (UA-ISF), ultrasonic-alkali-ultrasonic (UAU-ISF) and alkali-ultrasonic-alkali (AUA-ISF) were applied to extract insoluble soybean fiber (ISF). FTIR and XRD results proved the typical structure of ISFs, and TGA results demonstrated the improved thermal stability of UAU-ISF and AUA-ISF. Chemical composition measurement showed that UAU-ISF and AUA-ISF exhibited higher cellulose content (>83 %). SEM results revealed that ultrasonic treatment led to a decomposition of okara matrix and significant porous structure in ISFs with an amplified collapse effect, resulting in an increase of the pore size of ISFs, and strengthening the properties of UAU-ISF and AUA-ISF in higher water (>15 g/g)/oil (>12 g/g) holding capacities, cholesterol binding capacity (>36 mg/g), and cation exchange capacity (>0.3 mmol/g), thus providing new insights for the preparation of ISF with high functional properties that are beneficial for human intestinal health.