According to the invention, there is provided a novel soybean variety designated XB32Y04. This invention thus relates to the seeds of soybean variety XB32Y04, to the plants of soybean XB32Y04 to plant parts of soybean variety XB32Y04 and to methods for producing a soybean plant produced by crossing plants of the soybean variety XB32Y04 with another soybean plant, using XB32Y04 as either the mate or the female parent.