Soy proteins are seen as a promising alternative food source for meat with environmentally friendly properties. The problem is that the functional properties of soy proteins do not meet the needs of the food industry, and some existing modification technologies have adverse effects. Recently, cavitation jet technology (CJT) has been studied because it generates high heat, high pressure, strong shear and strong shock waves. This review summarizes the history and mechanism of cavitation jets. The energy generated during the cavitation jet process can open molecular structures, and the shock waves and microjets generated can pulverize the materials by erosion. The impact of the CJT on the morphology, structure, and functionality of soy proteins is discussed. The impact of combining CJT with other techniques on the production of soy proteins was also reviewed. The modification of proteins using two or more methods with complementary strengths, avoiding the disadvantages of certain techniques, makes the modification of proteins more effective. One of the most prominent effects is the combined treatment of cavitation jets with physical techniques. Finally, the review provides a comprehensive analysis of the application of modified soy proteins in the food industry and highlights promising avenues for future research.