A novel process for making an isoflavone concentrate product from soybeans which includes diluting solubles from alcohol-extracted hexane-defatted soybean flakes to about 10% to about 30% solids, separating undissolved solids from the diluted soy solubles, such that the separated solids have at least 4% isoflavones by weight of dry matter. That concentrate can then be further concentrated to at least 40% isoflavones by weight of dry matter by adjusting pH and temperature and extracting with solvents. The soy isoflavone concentrate products are then used in a liquid or dry beverage, food or nutritional products.