Soybean consumption has been linked to a reduced risk for certain cancers and diseases of old age. The health benefits associated with soybean consumption have been linked to the action of isoflavonoids, the major phenolic phytochemicals found in soybean. Isoflavonoids possess numerous biological activities that may support chemoprevention through the promotion of apoptosis in diseased cells. In this study, we discuss the current state of knowledge concerning soybean isoflavonoids, their chemopreventive actions against postmenopausal health problems, cancer, and cardiovascular disease, and also biotechnology approaches toward the enrichment of soybean for isoflavonoid content.