Soybean use has been low in pet foods, even though they are an excellent source of protein, polyunsaturated fatty acids, and gut fermentable fibers. The purpose of this evaluation was to conduct a systematic review of the public literature to explore how soybeans have been researched for pet food applications since 2000 and to provide strengths, weaknesses, opportunities, and threats for soybeans in the pet food industry. The review covered a total of 44 articles related to soybean ingredients and their potential value in the pet food arena. The articles were categorized by their research contents and narratively summarized to demonstrate useful information to both the pet and soybean industries. When soybean-based products have been adequately processed to reduce the antinutritive factors, they are comparable to processed animal proteins in nutritional value, palatability, and functionality in pet food processing. We conclude that various food processing technologies and the versatility of soybean ingredients allow soybean to have considerable inclusion potential in pet foods. More research on dietary soybean ingredients regarding pet food processing, fermentation benefits on health, and consumer acceptance will be needed to understand soybean's position in the future pet food industry.