This paper deals with the physicochemical and functional properties of polysaccharides isolated from soybean hull（SHP） and soybean okara（SOP）.In the investigation,first,crude SHP and SOP were fractioned and purified,and three purified fractions were obtained from SHP or SOP.Then,the physicochemical properties of the two types of crude polysaccharides and the fractions were analyzed by means of GC and GPC,and the functional properties of the samples were discussed by emulsifying and bile acid binding experiments.The results show that SHP fractions are acid heteropolysaccharides without protein,the relative molecular mass of which is 45～150ku,while SOP fractions are glycosidoprotein with a relative molecular mass of 14～370ku;and that,as a water-soluble polysaccharide with excellent functional properties,SOP is superior to SHP in terms of emulsifying performance and in-vitro bile acid binding ability.