The present invention utilizes a novel enzyme mixture comprising a fungal protease or a mixture of fungal proteases with both endo- and exo-peptidase activities to hydrolyze soy protein while substantially avoiding free amino acids and low molecular weight Peptides, two substances that can impart a bitter or unpleasant flavor to hydrolysates. The hydrolyzate, more preferably the soluble soy protein it contains, can be used in food products such as high protein beverages, sports drinks, balanced nutritional drinks, juice mixes, health / nutrition bars, salad dressings, meat products , snacks, sweets, confectionery, nutritional supplements, etc. The soy protein hydrolyzate, more preferably the soluble soy protein it comprises, is particularly useful in accordance with the present invention when dosages up to about 2.5 to about 6.5 grams of soy protein per common serving of food product are desired.