DISCLOSED ARE: A FAT—REDUCED SOYMILK HAVING A REDUCED FAT CONTENT, WHICH IS PRODUCED BY SEPARATING A FAT FROM A FAT—CONTAINING SOYBEAN EFFICIENTLY WITHOUT RELYING ON AN ORGANIC SOLVENT; AND A NOVEL FAT-RICH SOYBEAN MATERIAL. SPECIFICALLY DISCLOSED ARE: A FAT-REDUCED SOYBEAN PROTEIN MATERIAL CHARACTERIZED BY CONTAINING A PROTEIN AND A CARBOHYDRATE AT A TOTAL CONTENT OF 80 WT% OR MORE IN TERMS OF DRIED FORM CONTENT, CONTAINING A FAT (AS AN EXTRACT FROM A CHLOROFORM/METHANOL MIXED SOLVENT) AT A CONTENT OF LESS THAN 10 WT% RELATIVE TO THE CONTENT OF THE PROTEIN, AND CONTAINING CAMPESTEROL AND STIGRNASTEROL (AS PLANT-DERIVED STEROLS) AT A TOTAL CONTENT OF 200 MG OR MORE RELATIVE TO 100 G OF A FAT; AND A SOYBEAN EMULSION COMPOSITION CHARACTERIZED BY CONTAINING A PROTEIN AT A CONTENT OF 25 WT% OR MORE IN TERMS OF DRIED FORM CONTENT, CONTAINING A FAT AT A CONTENT OF 100 WT% OR MORE IN TERMS OF DRIED FORM CONTENT RELATIVE TO THE CONTENT OF THE PROTEIN IN TERMS OF DRIED FORM CONTENT, AND HAVING AN LCI VALUE OF 60% OR MORE.