In the first half of the twentieth century, scientific communities worldwide endeavored to diminish dependence on expensive and scarce animal fibers like wool and silk. Their efforts focused on developing regenerated protein fibers, including soy, zein, and casein, to provide comparable benefits to natural protein fibers, such as lustrous appearance, warmth, and a soft feel. The popularity and cost-effectiveness of mass-produced petroleum-based synthetic polymer fibers during World War II diminished interest in developing soy protein fiber. Realizing the ecological degradation caused by fossil fuels and their derived products, a renewed drive exists to explore bio-based waste materials like soy protein. As a fast-growing crop, soy provides abundant byproducts with opportunities for waste valorization. The soybean oil extraction process produces soy protein as a byproduct, which is a highly tunable biopolymer. Various functional groups within the soy protein structure enable it to acquire different valuable properties. This review critically examines scholarly publications addressing soy protein fiber developmental history, soy protein microstructure modification methods, and soy protein fiber spinning technologies. Additionally, we provide our scientific-based views relevant to overcoming the limitations of previous work and share prospects to make soy protein byproducts viable textile fibers.