A fat-reduced soybean protein material 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 stigmasterol (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 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.