A soy protein material having a very low isoflavones content and a high saponins content is produced by a process that involves removal, by adsorption, of isoflavones from a soy protein material obtained by removing fiber from soy flour or flakes. The soy protein material also has a high Nitrogen Solubility Index ("NSI"). The low isoflavones, high saponins soy protein material has at least about 55.0 wt. % protein, less than about 200 .mu.g/g isoflavones of total dry matter and at least about 1000 .mu.g/g soyasapogenols of total dry matter. The process for producing the low isoflavones, high saponins soy protein material involves removing fiber from a defatted soybean material and obtaining a liquor that is subsequently pasteurized. Next, sugars and other small molecular weight components are optionally removed from the liquor using membrane separation to increase the protein content of the final material. The resulting liquor or retentate is subjected to adsorptive removal of isoflavones, and is optionally pasteurized and spray dried.