Soy protein, as the major component of soybean, has important applications in food, medicine and materials. This review summarizes the research progress in the technology of enzymatic modification of soy protein, focusing on the principles and applications of enzymatic hydrolysis and enzymatic cross-linking. Enzymatic modification can modulate the structure and properties of soy protein, providing a theoretical basis for its wide application in the food industry. The functional properties of soy protein are closely related to its structure. Enzyme-modified soy protein can be improved in terms of solubility, emulsification, water and oil retention, and gel properties. The enzyme modification technology is highly specific, safe and mild and provides new ideas for functional improvement of soy protein. However, in practical applications, enzymatic modification still has problems such as poor control of the degree of hydrolysis. Therefore, in the future, the effects of different types of enzymes and modification methods on soy protein, as well as efficient and targeted regulatory mechanisms, can be further explored to make it more widely used in food, medicine and materials.