The present invention utilizes a novel enzyme cocktail comprising a fungal protease enzyme or a mixture of fungal protease enzymes having both endo and exo-peptidase activities to hydrolyze soy proteins while substantially avoiding free amino acids and low-molecular weight peptides which impart a bitter or undesirable flavor to the hydrolysate. The hydrolysate, and more preferably the soluble soy protein contained therein, is used in a food product such as, for example, high protein content beverages, sports beverages, balanced nutritional beverages, fruit juice mixes, health/nutrition bars, salad dressings, meat products, snacks, desserts, confectionaries, nutritional supplements, and the like. The soy protein hydrolysate, and more preferably the soluble soy protein contained therein, according to the present invention is particularly useful when the required dose is as high as about 2.5 to about 6.5 grams of soy protein per normal serving of a food product.