The present invention is a soy-based rice substitute comprising soy flour and water and having the appearance of rice grains. The invention also includes a process for preparing the same by intermixing soy flour and water to form a mixture; heating the mixture; kneading the mixture; extruding the mixture in the appearance of rice grains to form a soy-based rice substitute; and drying the soy-based rice substitute. The soy-based rice substitute has an appearance and texture that is similar to that of rice and has a cooking time that is far less than that of rice.