Soybeans are rich in protein but have limited food applications due to their undesirable volatile compounds, negatively affecting their flavor and consumer acceptance. This study aimed to extract lipids and volatile compounds from soybean flour using supercritical carbon dioxide (SC-CO2) and investigate the impact of extraction conditions on the properties of soybean flour, including particle size distribution, composition, color, and rheological and textural qualities. Similar lipid extraction yields (∼20%) were obtained with SC-CO2 and conventional hexane extractions. The volatile compound concentration of the soybean flour was reduced after SC-CO2 extraction (0.63-1.00 µg/g) as compared to hexane extraction (1.44-1.68 µg/g). The results showed that SC-CO2-treated soybean flour showed smaller particle sizes (<250 µm, ∼70%), improved protein purity upon protein extraction, and brighter color as compared to hexane-extracted flour. Additionally, in comparison to untreated soybean flour, SEM images revealed a more disrupted and rough structure in defatted soybean flour. Overall, the presented SC-CO2 approach can improve the aroma of soybean flour while achieving similar lipid extraction yields with conventional hexane extraction, all without the use of toxic organic solvents.