The invention relates to a method for extracting soybean blend oil and compound protein by using an aqueous enzymatic method, which belongs to the technical field of vegetable oil and fat and protein processing. The method comprises the following steps of (1) proportionally mixing soybeans and peanuts, then peeling, crushing, and then extruding and expanding, so as to obtain an expanded product; (2) adding water to an enzymolysis reaction kettle, heating with steam, then adding the expanded product, so as to obtain a mixed solution, regulating a pH value of the mixed solution, then adding alkaline protease for enzymolysis, and centrifuging after the enzymolysis, so as to obtain emulsified oil, hydrolysate and residues; (3) performing ethanol demulsification on the emulsified oil, and then centrifuging to obtain free oil and a solid phase; (4) adding the solid phase to the hydrolysate for alkali extraction and acid precipitation, and then centrifuging to obtain a liquid phase and sediments; (5) performing steam demulsification on the liquid phase, then centrifuging to obtain free oil, merging the free oil, so as to obtain the soybean blend oil, and dying the sediments, so as to obtain the compound protein. The method has the advantages of simple process and low cost, the prepared soybean blend oil has strong oil fragrance, the prepared compound protein has good functionality, and the method is favorable for being applied in a food industry.