The invention discloses a soybean grease extracting method, which includes steps of: (1) crushing soybean and extruding puffing by a twin screw extruder; (2) mixing the extruded and puffed soybean product with water, adding prolease for enzymolysis; (3) enzyme eliminating, centrifugal separating to obtain the soybean grease. The method uses a method combining the extruding and puffing pre-treatment with biological enzyme to separate soybean grease, and oil of high quality can be obtained by demulsifying emulsible oil prepared by separation with refinery, which is high in nutrient value, and in soybean protein and soybean peptide utilization value. The total oil extraction rate by the method can reach 93.18%. The apparatus for the method is simple in structure, safe for operation, the obtained soybean oil has no solvent residue. Moreover, the method is mist in operation condition, with no reaction between the degradation product in the system and the extract, thus quality of each ingredient is effectively protected. The method is capable of separating oil and protein from the full fat soybean powder at the same time, with degradation rate of protein lowered.