Disclosed is a process of preparing a soy protein product having a protein content of at least 60wt% (N x 6.25) on a dry weight basis, which comprises: (a) adding calcium salt or other divalent salt to supernatant from the precipitation of a soy protein micellar mass to provide conductivity of 2 mS to 30 mS, (b) removing precipitate from the resulting solution to leave a clear solution, (c) adjusting the pH of the clear solution to 1.5 to 4.4, (d) concentrating the pH-adjusted clear solution to a protein content of 50 to 400 g/L to provide a clear concentrated soy protein solution, (e) optionally diafiltering the clear concentrated protein solution, and (f) optionally drying the concentrated and optionally diafiltered solution, wherein: (A) the concentrated and optionally diafiltered solution is dried in step (f) and the dried soy protein product is formed into an aqueous solution, the pH of the aqueous solution is increased to pH6 to precipitate soy protein therefrom, the pH-adjusted material is optionally heat treated, and either (i) the entire pH-adjusted material is dried to provide the soy protein product or the precipitate is recovered from the pH adjusted material and the recovered precipitate is dried to provide the soy protein product, or (B) the pH of the concentrated and optionally diafiltered solution in step (e) is increased to 6 to precipitate the soy protein therefrom, the pH-adjusted material is optionally heat treated and either (i) the entire pH-adjusted material is dried to provide the soy protein material or (ii) the precipitate is recovered from the pH-adjusted material and the recovered precipitate is dried to provide the soy protein product.