The invention discloses a microbial fermentation enzymolysis method for extracting the grease and protein of soybean, comprising the following steps of: (1) carrying out pretreatment on the soybean; (2) inoculating microbial strains into liquid fermentation culture medium for fermentation and enzyme production; (3) carrying out eccentricity on the fermentation culture medium, and mixing the supernatant liquor with water, and inoculating bean flour for enzymolysis; (4) centrifugating to obtain emulsible liquid, hydrolyzate and residue; and carrying out emulsion breaking and obtaining free oil; and (5) adjusting the pH value of the hydrolyzate, centrifugating, cleaning the precipitate, then centrifugating again, then adjusting the pH value after the precipitate is dissolved by water, drying and obtaining the isolated soy protein. In the microbial fermentation enzymolysis method, all process parameters of the oil and the protein of the soybean by microbial fermentation enzymolysis are studied comprehensively and systematically, the extraction rate of the total oil and the total protein combined with the free oil are adopted as the surveying index on the basis of determining the best culture medium and the culture conditions for fermentation and enzyme production, and the conditions for enzymolysis of soybean flour and emulsion breaking are determined, so that the extraction rate of the total oil in the raw material is up to more than 90%, and the yield of the total protein is up to more than 90%.