Recently, there is an increasing interest of using bio-based polymers instead of conventional petroleum-based polymers to fabricate biodegradable materials. Soy protein isolate (SPI), a protein with reproducible resource, good biocompatibility, biodegradability, and processability, has a significant potential in the food industry, agriculture, bioscience, and biotechnology. Up to now, several technologies have been applied to prepare SPI-based materials with equivalent or superior physical and mechanical properties compared with petroleum-based materials. The aim of this review is focused on discussion of the advantages and limitations of native SPI as well as the bulk and surface modification strategies for SPI. Moreover, some applications of SPI-based materials, especially for food preservation and packaging technology, were discussed.