As an emerging protein modification technology, pulsed electric field (PEF) technology in modifying soybean protein isolates (SPI) suffers from unclear mechanism and controversial changes in aggregation structure. To address these issues, the effects of PEF treatment with different electric field intensities (5–30 kV/cm) on the aggregation behavior and spatial structure of SPI were investigated. The results showed that the SPI aggregates exhibited a trend of depolymerization followed by reaggregation with the increase of PEF intensity. At 10 and 15 kV/cm, the polarization effect of PEF induced the unfolding of the tertiary structure of SPI, leading to the enhancement of the electronegativity of the side chains, and the electrostatic repulsive force between the molecules promoted the depolymerization of SPI aggregates. However, with the withdrawal of PEF, the structure of the SPI was partially reversible, resulting in a limited depolymerization effect. When the PEF intensity reached 20 kV/cm and above, SPI underwentstructure unfolding, subunit dissociation, continuous exposure of hydrophobic groups and sulfhydryl groups, and ultimately reaggregation mediated by hydrophobic interactions and disulfide bonding, resulting in the formation of high molecular weight soluble and insoluble protein aggregates. In addition, the formation of free radicals under strong electric fields (≥20 kV/cm) accelerated the oxidation of SPI and promoted the rapid formation of disulfide bonds. This study provides a theoretical basis for the targeted regulation of SPI aggregation structure by PEF.